CityHousing Hamilton is looking to take advantage of the red-hot real estate market as it moves ahead with a plan to upgrade the city’s affordable housing stock.
The corporation, owned and operated by the city, will be selling 47 single and semi-detached homes, all of which are currently vacant and in need of extensive repairs.
They have a combined and assessed current market value of $14 million, revenue that will be reinvested into the future development of new units.
CityHousing Hamilton Chair and Ward 5 Coun. Chad Collins anticipates that the new housing will be of higher density, much of it in the form of townhouses and apartments.
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Collins stresses that “the goal is to have more units at the end of the process” which would help to address Hamilton’s affordable housing crisis.
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He notes there are 6,000 families on the city’s waiting list for affordable housing, a number that “keeps rising year after year.”
Collins adds that phase two of the same plan will involve the sale of roughly another 50 aging and deteriorating units as they become vacant.
CityHousing Hamilton consists of almost 7,000 units spread over 1,265 properties with over 13,000 residents. It is the fourth-largest, municipally-controlled housing provider in Ontario.
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