Affordable Rental Housing Grant Program for Not-For-Profit Corporations

Final program policy approved by Council

On June 13, 2022, Waterloo Council unanimously approved the affordable rental housing grant program Affordable Rental Housing Grant Program (IPPW2022-022). The final approved program policy (Attachment 1 of the report) was informed by staff’s evaluation, public/stakeholder consultation and comments, and a best practices review. Thank you to everyone who participated in the engagement sessions, completed the online survey, and shared their thoughts and provided their feedback and comments on the program policy.

Next Steps

Staff have been directed to work on the implementation materials for the program. A first call for applications is expected to be issued in the upcoming months.

Project background

To help address the growing problem of housing affordability, the City of Waterloo has been developing an Affordable Housing Grant Program. In December 2020, Waterloo City Council directed staff to identify measures to support the creation and retention 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. The City’s program is focused on Not-For-Profit Corporations providing 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 separate from the citywide Affordable Housing Strategy.