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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:
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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