Overbrook Sustainable Community Housing Development Project
$7,824,888.62
ON
Non-Market
Urban
6 to 17 Units
DESCRIPTION
Verdance is working on a 17-unit affordable housing project in Overbrook, Ottawa with the hopes of supporting families in core housing need, and prioritizing students and youth, Indigenous households, and other groups recognized by the Ontario Human Rights Commission as facing particular setbacks in accessing support services. VDC has secured land, in short walking distance to an O-train station, frequent transit bus stop, grocery stores, schools, and more, and is looking for support for pre-development costs.
DETAILS
Property Id
Phase
Pre-Development
Affordability Framework
We aim to provide the greatest depth of affordability feasible given funding constraints, with no fixed target due to uncertainty. Current estimates are based around usage of CMHC AHF (or future BCH) funding or financing through MLI Select.
Minimum Project Target: 30% of Units (6) at 80% of the Lower of AMR or MMR
Current Worst Case Scenario: 41% of Units (7) at 80% of the Lower of AMR or MMR
Ideal Scenario: 59% of Units (10) at 65% of the Lower of AMR or MMR and Remainder (7) at 100% of MMR
Regardless of initial depth of affordability, all units will be kept at affordable rates for low-income or modertate-income households in perpetuity, with increases capped to the lowest of the Provincial guideline rate, CPI, local household median income increase, and the increase of the tenant household's own income.
Target Completion Date
01-04-2028
Total Project Cost
$7,824,888.62
Total Units
17 Units
Affordable Units
6 to 17 Units
Populations Served
Youth
Project Funding
Funding Required
$250,000 in grant funding or low-interest/zero-interest loan funding
Funds Raised
$170,000 of VDC equity; $30,000 of grant funding
Use of funds
Funding will support a pre-construction cost shortfall, put towards expenses for architectural drawings and engineering studies and plans. Where construction costs can be covered through a multitude of loan and grant programs collateralized by the land, pre-construction costs are difficult to fund, making contributions to these early stage costs vital for making this project possible.
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