May 14, 2018
As previously communicated, the Town of Smooth Rock Falls has undertaken a request for proposal on the development of seniors’ housing in the community. Intended to identify a private sector partner for the construction and rental of affordable housing units, proposals were received in February 2018.
In the months following the receipt of proposals, the Town has been in negotiations with the preferred proponent concerning the project, including finalizing the size, location and cost of the project. These negotiations were conducted by the Seniors’ Housing Committee, which reports to Council.
At its most recent meeting, the Seniors’ Housing Committee has recommended the deferral of the project until next year, based on concerns over the affordability of the project for seniors in the community. Specifically, financial projections provided by the preferred proponent and confirmed by the Town’s due diligence advisors indicated that rents for an 850 square foot unit would be in the order of $1,500 per month, with tenants also responsible for heat, hydro, water and sewer.
It is the view of the Committee that this level of rent and additional costs would not be affordable for local seniors and as such, the Committee has recommended that the project be deferred pending an application to the Cochrane District Social Services Administration Board for capital grants available under a combined Federal and Provincial housing program. If obtained, these grants are expected to result in monthly rents of $800 to $1,000 per month, which is viewed by the Committee as being more representative of rents in the community.
The Committee’s recommendation was approved by Town Council at its meeting on May 7, 2018.
Notwithstanding the decision to defer the project, the Town is still working with the preferred proponent on other housing initiatives, as well as economic development opportunities with other parties. The Committee and Town anticipate construction of a new 10-unit seniors’ residence in 2019.
Mayor Michel Arseneault
For more information, please contact:
Mr. Luc Denault, CAO and Director of Economic Development
Tel: 705-338-2717 ext 9 Email: email@example.com
Posted on: May 15 2018, 10.54 AM Category: News, Notices