Image: House Beautiful
Lanark County will be seeking bids from developers to build affordable housing units in the county or town of Smiths Falls by offering incentives.
Those incentives being a one-time capital grant of $1.5 million, and an additional grant in lieu of development charges and property taxes for the affordable units.
Director of Social Services Emily Hollington says they may not receive any bids when the tender closes, but they know there are interested parties.
They used a 20 one-bedroom unit apartment building as an example build, with half of the units being marked affordable and the other half market value.
Hollington says that’s the only way for-profit developers could justify the build.
After running the numbers, Hollington said for-profit developers would need a 50/50 unit split to justify the build.
See the full breakdown of the figures here.
Story by Grant Deme
