Applications remain open for Habitat for Humanity Peterborough and Kawartha Region’s 12-unit affordable condo building on Parkhill Road East near Leahy’s Lane, which is expected to begin construction in the spring.
This is the second phase of Habitat’s project at the site in the northeast end of Peterborough. The first phase, a 41-unit condo building, was completed last April.
Habitat for Humanity Peterborough and Kawartha Region received $4.75 million in Canada Mortgage and Housing Corporation funding in 2019, with $4.1 million used for the first phase and $600,000 for the upcoming second phase. Another $50,000 has been pledged for an upcoming project to build a single-family home in Fraserville in Cavan Monaghan Township using 3D printing construction.
“These are really great, innovative projects, and something new for our organization,” said Jenn MacDonald, the organization’s communications and donor services manager.
“The 41-unit building, on the same property, has proven to be very successful. We’re eager to help serve more families, especially different kinds of families, like couples and individuals who we haven’t been able to serve in the past and be able to provide them with affordable home ownership opportunities.”
The second phase will feature 11 two-bedroom units and a single one-bedroom unit.
Qualifying families will sign two no down payment, geared-to-income mortgages, first with a financial institution and after that is paid off then another one with with Habitat.
Accepted families also agree to contribute 500 hours of “sweat equity,” contributed through homeowner education workshops, working in Habitat’s ReStore or volunteering with other non- profit groups and events in the community, since they cannot do any work on the multi-unit project.
“They pay off their mortgage payments, which are less than 30 per cent of their income, monthly,” she said. “Somebody with a higher income could have a larger mortgage with the finance institution, which would then allow us to approve somebody with a lower income.”
To qualify families must have a stable income, no high amounts of debt, and no bankruptcy or consumer proposal in the last three years. They must also be a Canadian citizen or permanent resident who has lived in Peterborough city or county for at least one year.
“In terms of household income, we’re looking at the $35,000 to $84,000 range,” MacDonald said.
Two families have already been approved for home ownership in the new building.
“They were both approved toward the end of December 2022,” she said. “And right now, they are already working on completing their sweat equity.”
The second phase, which will involve demolishing a house fronting on Parkhill at the site, will cost $5 million, compared to the 41-unit first phase condo building which was built for $10.6 million.
The agency also plans to raise additional funds for the project through community donations and donated services.
“Because of permits and things like that, we’re still not certain what the construction timeline will be,” MacDonald said. “We could be expecting at least a year, so probably into 2024, before homeowners can move in.”
To begin the application process, families can submit an expression of interest form on the agency’s website at habitatpkr.ca
CMHC announced Friday it will provide additional of $25 million to build 500 new affordable homes across Canada in the next three years through Habitat for Humanity, on top of $55.8 million in federal funding provided to Habitat for Humanity to support the creation of 617 affordable housing units across Canada between 2019 and 2021.
The funding is part of the federal government’s National Housing Strategy.
“Every Canadian deserves a safe and affordable place to call home. We are pleased to continue our partnership with Habitat for Humanity Canada to help more Canadians achieve their dream of home ownership,” Housing and Diversity Minister Ahmed Hussen stated in a press release.
Habitat Peterborough will likely apply for the new round of funding to support future homebuilding projects, MacDonald said.
“We’re still in the prospect stage right now,” she said. “But we are looking at some other potential multi-unit builds in the City of Peterborough that could qualify for this funding.”
NOTE: This story has been updated to clarify the contributions selected Habitat families must make.
JOIN THE CONVERSATION
does not endorse these opinions.