Initiative 5: Multi-Unit Residential Acquisition Program
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Develop a Multi-Unit Residential Acquisition program to enable the purchase of market rental buildings and/or units for affordable housing by mission-aligned not-for-profit housing providers, co-operatives and community land trusts.
Development of a grant program is underway to help not-for-profit housing providers, co-operatives and community land trusts purchase existing rental buildings and/or units and retain them as long term, affordable and attainable rental housing. The program will help prevent the loss of “naturally occurring” affordable housing and improve security of tenure for renters. As part of this initiative, the City will explore opportunities to coordinate the grant program with a similar initiative under consideration by the Region of Waterloo.
Key actions:
Research, consult on and develop program
Seek Council approval for the program
Development implementation materials
Launch program
Net new units: 25
Implementation timeline: December 1, 2023 to April 30, 2026
Develop a Multi-Unit Residential Acquisition program to enable the purchase of market rental buildings and/or units for affordable housing by mission-aligned not-for-profit housing providers, co-operatives and community land trusts.
Development of a grant program is underway to help not-for-profit housing providers, co-operatives and community land trusts purchase existing rental buildings and/or units and retain them as long term, affordable and attainable rental housing. The program will help prevent the loss of “naturally occurring” affordable housing and improve security of tenure for renters. As part of this initiative, the City will explore opportunities to coordinate the grant program with a similar initiative under consideration by the Region of Waterloo.
Key actions:
Research, consult on and develop program
Seek Council approval for the program
Development implementation materials
Launch program
Net new units: 25
Implementation timeline: December 1, 2023 to April 30, 2026
The City of Waterloo plans to develop a Multi-Unit Residential Acquisition program to enable the purchase of market rental buildings and/or units for affordable housing by mission-aligned not-for-profit housing providers, co-operatives and community land trusts.
What are your initial thoughts on the project?
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