City council last Monday re-committed to financially supporting Project Tiny Hope to the tune of $3 million.
In February of this year, the city had pledged financial support, contingent on $6.7 million in federal funding through a CMHC grant.
In July, YWCA executive director Lindsay Rice received word the project was not selected for the Rapid Housing Initiative grant, leaving the city’s pledge in limbo.
The city’s commitment on Monday is conditional on a successful application to the CMHC Co-Investment Fund in the amount of $733,620.
At the time, Rice advised, “CMHC did not select Project Tiny Hope . . . but the YWCA and project partners Doug Tarry Homes and Sanctuary Homes are not letting that slow them down!”
To date almost $7 million has been raised for the 40 units of supportive, affordable housing.
In the report to council for Monday’s meeting we get a first look at the proposed rental rates.
• One bedroom $799/month
• Two bedroom $958/month
• Three bedroom $1027/month which will require a rent subsidy from social services of $670.
Total cost of the undertaking is projected at $14.7 million.
In her report to city council Monday, Heather Sheridan, director of St. Thomas-Elgin Social Services, stressed the city is functioning at a zero percent vacancy rate. A situation she describes as, “A crisis.”