City staff and the city’s most powerful politicians have given the nod to a big grant for the new condo development on Wilby Cr to help them build affordable housing.
The Executive Committee approved a $1,140,000 grant to “Ownership Alternatives Non-Profit Corporation”, which is building at 10 Wilby Cres. The money will go toward 76 affordable units.
According to staff,
City funding will compensate the non-profit groups for the City development fees and charges paid on their developments and assist in making the homes more affordable by providing an average $15,000 down-payment assistance loan for eligible purchasers.
City Council will almost certainly approve the motion at their next meeting.