DESCRIPTION
In 2020, Raising the Roof and the City of Greater Sudbury launched a partnership to preserve and expand affordable housing. In Phase 1, RTR purchased five surplus, vacant Sudbury properties from the Greater Sudbury Housing Corp that were headed for the open market and likely loss from the affordable stock. RTR bought them at market value using forgivable, no-interest, no-payment 30-year mortgages, on the condition units remain affordable at 80% of AMR for at least 30 years and tenants meet City income thresholds, paying no more than 30% of household income on housing. RTR provides a $75,000 down payment per property, with the City covering the remaining value through the forgivable mortgages. The City also grants permit fee exemptions. RTR added five new units by creating secondary suites and purchasing properties suited for DADUs. Phase 1 now provides supported, affordable housing for 25 people who were homeless or at high risk, with ongoing supports from the Sudbury Centre for Transitional Care.
DETAILS
Property Id
Phase
Pre-Development
Affordability Framework
80% MMR
Target Completion Date
03-31-2027
Total Project Cost
$4,324,048
Total Units
15
Affordable Units
15
Populations Served
Homelessness
Project Funding
Funding Required
$2,315,298
Funds Raised
$2,008,750
Use of funds
The funds will be used for the acquistion, renovation and addition of secondary basement suites and tertiary detached accessory dwelling units (tiny homes) to the rear yards of the new properties and the existing RTR owned properties from Sudbury Phase 1. They will be made available at affordable rental rates to residents who were experiencing or at risk of experiencing homelessness. The families and individuals will be supported by the Sudbury Centre for Transitional Care.
MAP
