Two new developments being planned for Guelph are seeking a combined of $1.29 million in city incentives for affordable housing units.
The money would come from the city’s Affordable Housing Reserve Fund, money set aside starting in 2002 to identify the building of affordable housing units.
Affordable housing (not social housing) is considered housing offered at 80 per cent of market rate.
City staff is recommending council approve the two requests at its May 27 meeting.
The biggest of the two developments is one already approved by council, a 165-unit apartment complex at 233-237 Janefield Ave. called Rockwater on Janefield.
That proposal was approved by council last September after almost two years of tinkering with its size.
Now 10 storeys at its highest point, it was originally 12 stories and 185 units.
That proposal is seeking $924,000 from the city.
The second development is for additional 115 apartments and townhomes on the St. Joseph’s Health Centre property called Silver Maples Seniors Community.
That project is seeking $364,000 from the city.
There would be 87 apartment units (65 of them affordable) and 28 single-storey townhomes, a project that the St. Joseph’s Housing Corporation will cost a total of $35.3 million.
Both developers have applied to the National Housing Co-Investment Fund, a new federal program started in 2018 to help fund “energy efficient, accessible and socially inclusive” affordable housing projects.
The city’s funding is tied to the developers’ applications being approved by that fund.