Affordable Housing Grant Program for Not-For-Profit Corporations

To help address the growing problem of housing affordability, the City of Waterloo is developing an Affordable Housing Grant Program. In December 2020, Waterloo City Council directed staff to identify measures to support the retention and creation of affordable housing, including the creation of an Affordable Housing Grant Program to guide the allocation of available funding, providing financial support to developments that provide affordable housing in the City. On May 17, 2021 Council report (IPPW2021-036) was approved to launch the project.

To start, our Affordable Housing Grant Program will be created for Not-For-Profit Corporations providing new affordable housing units in the City. Current restrictions under the Ontario Municipal Act, 2001 require the city to have a Community Improvement Plan (CIP) before providing grant money to any for-profit or commercial enterprise. Note that this new grant program is being done separate from the citywide Affordable Housing Strategy that has been initiated

Thank you to everyone who participated in the engagement sessions, completed the online survey, and shared their thoughts and provided feedback on the potential parameters and preferences of an Affordable Housing Grant Program for Not-For-Profit Corporations. Staff are working on a report to Council and will post the report here once it is complete.