47 affordable apartments at 22 John and 33 King St will be put on the market between tomorrow, Monday, January 14 and Monday, January 28. The units will be given to lucky residents who win a lottery.
Rents for the units will be “no more than 80% of the average market rent” for at least 25 years. 12 units will be set aside seniors, and five will be for residents receiving a housing allowance.
The federal and provincial governments will contribute $7 million to the affordable units. The city will not collect development charges, property tax, or education levies, forgoing $1.2 million.