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Contact PUCF
Tel:
416.532.1191
Email:

Web:
www.phoenix
place.com


Project Finances

The funding picture

Funding for affordable housing is difficult to obtain. There are no ongoing government programs at any level in Ontario, or federally, that build significant numbers of affordable units. Where there used to be annual affordable housing targets to build many thousands of units, assistance from government is now available in small amounts to do pre-development work and to meet very specific housing needs such as the relief of homelessness. Providers and non-profits who wish to build new units must come up with creative ways to bridge the gap between actual building costs and what people can afford to pay in rent. Current construction costs mean that the building will cost 3 to 4 times what an affordable rent could support in a mortgage.

Project costs

The Green Phoenix project was tendered to pre-qualified bidders in August, 2006 and construction of the ten new units in Shalom House completed in 2007. The hard and soft costs are about $225 / square foot. Shalom House units averaged $150,000.The tender for the new construction in 2008 produced unit costs in the $250,000 range. These figures don't include the improvements to amenity spaces or retrofit work.

The hard and soft costs of the project second phase total to about $4 million.

The fundraising campaign represents important part of the capital budget. We are approaching charitable foundations, corporations and individuals to raise this money, Your help will make a difference to the lives of people at Phoenix Place. You can donate through CanadaHelps.org, at the link below:

Donate Now Through CanadaHelps.org!

Pre-development and planning funding: 2003 to 2005

  • $10,000 grant from the federal Supporting Communities Partnership Initiative for Pre-Development Funding (SCPI PDF). This was spent on Architectural, Financial, and Administrative contract staff.
  • $10,000 grant from Canada Mortgage and Housing Corporation (CMHC SEED) for preparation of a Housing Needs and Demands study and a Business Plan. These are lengthy documents outlining the rationale and project plans needed to obtain other funding.
  • $13,000 in grants from CMHC and Enbridge Gas for a Green Affordable Housing conference held in June of 2004,
  • $13,000 in grants from National Resources Canada, CMHC, and the Toronto Atmospheric Fund (TAF) for a two and a half day workshop, called a design charrette, to begin the Integrated Design process for the project, The charrette took place at the end of January, 2005.

Funding secured for construction: 2006 to 2009

  • $1,123,000 SCPI grant from the federal Supporting Community Partnerships Initiative program towards the renovation costs for Shalom House. The grant is , administered by the City's Affordable Housing Office and approved by Toronto City Council on April 15th, 2005,
  • A $100,000 Project Development Funding (PDF) loan (0% interest) from CMHC to bridge development costs until long term financing is available. $35,000 is a grant.
  • A $50,000 grant from the Toronto Atmospheric Fund for the project's geo-thermal plant.
  • A $485,000 grant from the City's Affordable Housing Office towards the geo-thermal plant.
  • A $203,000 package of retrofit incentives organized by the Social Housing Services Corporation. This money supports the completion of the geo-thermal plant, a lighting retrofit of the existing building, and the first stages of installing solar hot water heating.
  • A $100,000 Trillium grant for increased amenity spaces accessible to the community at large.
  • A $100,000 grant from the Canadian Auto Workers for new affordable housing.
  • A $60,000 grant from Natural Resources Canada for building design exceeding the Model National Energy Code for Buildings by 65%.
  • A $1,375,000 HPI grant from the federal Homelessness Partnering Initiative towards the new construction of 11 new apartments. The grant is administered by the City of Toronto's Affordable Housing Office.
  • A $240,000 grant from the Mayor's Capital Revolving Fund towards the Shalom House renovations.
 
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