The City of Orillia is applying for a federal grant that could bring upwards of $15 million in affordable housing funding to the city.
At Monday’s council meeting, city politicians approved an application for the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund, a $4-billion fund available to municipalities across the country to increase housing supply.
“The application is asking for approximately $15 million in funds over a three-year period,” said Janette McGee, the City of Orillia’s housing co-ordinator. “If successful, the funds will be allocated to increase the number of affordable housing units by 287 units.”
Applications for the fund require a three-year housing action plan formed of at least seven initiatives, and grant funds may be used for a wide range of housing and infrastructure projects – such as affordable units, drinking and wastewater infrastructure, site preparation for developments, public transit and more.
If successful in its application, McGee said the funds will be placed in the city’s affordable housing incentive program and allocated directly to “not-for-profit housing providers.”
Base funding for the program includes $20,000 per housing unit, as well as top-up funding of $7,000 to $15,000 per unit, and an affordable housing bonus of $19,000 per unit, city staff report.
There are six potential affordable housing projects the city is currently aware of that could benefit from the grant, which could create 287 additional affordable units – and 317 total units – in the city.
Based on 2023 construction cost estimates, city staff report the grant could cover 10-20 percent of the capital costs for those affordable housing projects. If successful in its grant application, the city encourages non-profit developers to apply for funding through its affordable housing incentive program.
