DESCRIPTION
The MillBlock an intentional community of 17 affordable/14 market rent units planned for the historic mill in Wilmot providing housing for singles, families, seniors and people who are differently abled. The build includes inclusive social enterprise spaces- a community kitchen, meeting rooms and community gardens for programs and services. The build utilizes the mill’s structure avoiding embodied carbon impact of new construction. The build will use Canadian materials and will be energy efficient, carbon neutral with renewable energy/water conservation. The inclusive spaces will allow LYNC to develop services to meet practical needs of individuals and families through a comprehensive approach to the multifaceted challenges they face. Socially and economically disadvantaged communities will have relief from poverty, food insecurity and will be encouraged to develop their knowledge, skills, and the resources needed for long-term self-sufficiency. The Millblock is shovel ready with ownership, zoning, development team, construction manager and class B budget in place.
DETAILS
Affordability Framework
31 units, 17 of which will be affordable (at or below 60% AMR) and 14 will be at market rent. The affordable units are comprised of 14 one-bedrooms, one two-bedroom unit and two three-bedroom units.
Target Completion Date
April 1, 2028
Populations Served
Homelessness
Total Project Cost
$25,812,750
Total Units
31
Affordable Units
17
Project Funding
Funding Required
LYNC is seeking equity major partners to fund the current equity Gap of $10 million. LYNC has already engaged several key local partners who are ready to commit to the project once the project becomes financially viable (raising a signifignat portion of the equity gap. LYNC is aiming to have funding in place before the start of September 2026 to begin its projected construction start date.
Funds Raised
Confirmed 600 thousand land property purchase debt Kindred Credit Union,
50 thousand Yedi, 50 thousand Community Housing transformation, Federation of Canadian Municipalities 124 thousand, Community and corporate donations (Josslin and Zehr Insurance, Edge Mutual, Ga Masonry, Hearland foundation, Beaverdale Developments, Gore Mutual, Mysenergy Foudation,Riverside Brass, Puddicombe House, Aviva, Germainia, Howick. Churches and numerous individuals) 1.5 Million. Fees and permits Region of Waterloo and Township of Wilmot $1,457,827
Pending HST rebate $1,717,477, Pst rebate 1,073,423, BCH applied for grant $4,650,000 and mortgage $7,281,798. Owners Equity contribution $10,250,000.
Use of funds
The Funds will go directly to LYNC's Equity Gap which will help to move government granting agencies to confirm their commitment. The meeting of this gap will enable LYNC to reduce an expected debt thus strengthening its ability to provide affordable housing. LYNC is in late cultivation stage with donors who are willing to partner once they see other committed support. We believe that donations of up to 50% of our equity gap will be unlocked once a significant portion of the needed support is confirmed with another 25% of funds currently having soft commitments from various donors.
Human Impact Story
A young mother of three children who was living inthe regions affordable housing was asked to leave her hosuing as she was making to much money (she was working for minimun wages and could not afford public rents She had to make the choice give up her job and maintain social hosuing or keep her job and move into her car with her children. LYNC provides assitance for individuals such as this young lady and her children to prevent them from falling through the cracks and ending up on the street.
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