Nonprofits are teaming up to increase their chances of getting funding to build more units for those in need. Victoria Park Community Homes and the Kiwanis Non Profit are looking to buy surplus land from the government to create new affordable housing. They won’t disclose the location but it is one of many parcels of land that the government is letting go. It’s 7.5 acres, which will allow for quite a good project that neither could do alone, so banding together will hopefully increase their chances of winning the property in mid November.
Lately there have been various local groups who are focusing on affordable housing and this last announcement shows how they are getting creative to actually compete against each other to increase their chances of securing future projects.
Let’s be honest and say you can make money on affordable housing and you should be profitable so you can continue to offer a much needed product. Another notable project is at Cannon Street and Mary Street.
It is set to open by December with 35 new affordable units that any hipster would love to live in. These projects can vary from low income to those who just can’t afford housing with their current low wages. Many of these projects have mixed in units that have higher rents to enable the developer enough profit to be able to upkeep these projects. Many people believe these projects become “ghettos” quickly but the reality is that some of these new projects are quite impressive and can become a “springboard” for those who need affordable housing but then can move on to owning their own property one day.
These new projects can help those who want to help themselves. We should be awarding those developers who are in it for the long term and have a steady track record of providing a “hand up” instead of just a “ hand out”.
It seems that affordable housing and retirement developments are becoming all the rage in the city with a large number of projects coming down the pipe. Both types of projects can be lucrative to develop as well as more hotels and condos.
I believe we will see a bunch of projects being announced soon that will be focused on these under developed real estate pockets of retirement and affordable units that can really boost our city in a time when the real estate market continues to boom.
The money is flowing so lets see more of these projects come together and take care of our first time buyers as well as our retirees! V
Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at firstname.lastname@example.org.