CityHousing Hamilton set to fix backlog of empty units when it finds $5.7M funding source – Hamilton
City councilors voted to repair nearly 500 vacant homes in Hamilton at a cost of about $5.7 million, but funds have yet to be found.
476 units of various sizes and types are owned by CityHousing Hamilton (CHH) and are part of a backlog requiring equity for repairs.
Brian McMullan, the head of financial planning, told members at the shareholders’ meeting that the amendment could be made for just under $6 million over 12 to 18 months through funds that are not part of the city’s budget this year. Told.
“This particular item has been referred to the General Manager of Emergency Services and Healthy and Safe Communities for reporting.
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Downtown (District 2) County. Cameron Crouch said the move equated to spending about $12,000 per unit, making it far more cost-effective than trying to get a new build.
Councilors voted 12-0 on Monday in favor of repairs, with the goal of having all units ready for tenants by the end of November 2024.
This move was updated CityHousing 2023-2027 Strategic Planwhich includes the priority of maintaining and upgrading the current housing stock.
Over the next five years, CHH will revitalize its current portfolio of more than 7,100 homes, partly with a $194 million commitment from the National Housing Co-Investment Repair and Renewal Fund and financial support from stakeholders is expected to
About 63% of the aging housing stock is expected to be rehabilitated.
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