On National Housing Day, Nov. 22, the federal government released details about the investment policy of its new housing agency, Build Canada Homes. Key issues:
✔ Finally, Build Canada Homes will have just one definition of “affordable,” tied to incomes, not market prices or rents as with past programs. For BCH, housing is affordable if it costs less than 30 per cent of a household’s gross income. It further breaks down target rents for very low, low and middle incomes.
✔ Right now, BCH is looking for projects ready to start within 12 months or less. Many Hamilton housing providers can meet that.
✔ BCH will encourage partnerships but is primarily focused on supporting non-profit, co-op and government housing providers, plus factory-built housing manufacturers. All good. For-profit developers are encouraged to do joint ventures with non-profits.
✔ Partnerships are encouraged to create portfolios of projects to build many units, which can be at various levels of affordability. Hamilton providers already do this.
?? Use of the federal government’s housing design catalogue is encouraged.
Unfortunately, the designs so far for Ontario do not include apartment buildings, which would be really limiting, especially as the government aims for lots of units.
?? The government has yet to set any targets for non-profit, co-op and public housing.
The need is huge—something like 200,000 units a year for a decade, according to detailed calculations made by housing researcher Dr. Carolyn Whitzman.
You can see the detail here: https://housing-infrastructure.canada.ca/alt-format/pdf/bch-mc/policy-framework-invest-cadre-strategique-en.pdf