Halton staff is recommending that regional council approve the funding of 25 government-assisted rental units in a multi-level residential project to be built at 2477 Old Bronte Road.
A report submitted to the Halton Regional Council seeks approval to commit $6,250,000 ($250,000 per unit) in Halton Region capital funding. The units consist of 15 one-bedroom and 10 two-bedroom units.
All 25 units would be rented at 80 percent or below the Canada Mortgage and Housing Corporation average market rent reported annually for one-bedroom and two-bedroom units in Oakville for 30 years. The rent for a 2 bedroom unit in the GTA was $1,562 for 2019 using the CMHC tables.
Rentboard.ca calculates rental rates by those posted by property owners/manager over the past year. According to Rentboard.ca the average rent for a 1 bedroom is $2,120 per month (least expensive $1,712), and the average rent for a 2 bedroom is $2,709 (least expensive $1,600).
The recommendation for funding is part of Halton Region's Comprehensive Housing Strategy, according to the staff report. The strategy aims to create 550 to 900 new assisted housing opportunities between 2014 and 2024. All 25 units will house applicants from the Halton Access to Community Housing wait list. Halton Region will subsidize rent for the unit's tenants through the Halton Regional Assistance Program.
According to the staff report, new and refurbished regional infrastructure projects should include a range of community objectives such as heritage preservation and energy efficient features to reduce greenhouse emissions. This project is expected to incorporate a green roof, a geothermal heating and cooling system, as well as the 113-year-old house which is currently located on the property.
The recommendation will be considered by the Halton Regional Council on September 16.