Community bond campaign aims to build 500 new affordable homes in Ontario
Indwell has launched a new project aimed at creating 500 income-geared rental units across southern Ontario over the next five years.
The initiative is being led by their new non-profit, Gather Housing Communities, which is kicking off with a $15 million community bond campaign.
The first project is planned for Hamilton, where 164 units are expected to be built.
Residents will spend no more than 30 per cent of their income on rent, with a portion supported by municipal subsidies.
Nearly one in three renters spend more than 30 per cent of their income on housing, while 18 per cent spend more than half, according to Indwell.
“Missing middle” rental homes have long been an issue across Canada, with rental properties often targeting higher-income households, leaving those who earn $30,000 to $90,000 struggling to find rental housing.
Gather Housing Communities plans to build more than 300 rental units each year going forward.
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