Federal and Provincial Government Fund $2.5 Million To Provide More Affordable Housing In Peterborough-Kawartha

The Government of Canada and the Province of Ontario have funded $2,457,000 to help create 63 more affordable community housing units for the Hunt Terrance on 555 Bonacord St., announced on Monday morning.

Jeff Leal, Peterborough mayor (left), Dave Smith, Peterborough-Kawartha MPP (middle) and Bonnie Clark, Peterborough County warden at the Hunt Terrace on 555 Bonacord St. Amenities in the building include dining room with meal options, laundry facilities and a common room. Photo by David Tuan Bui.

“What it does is it reduces the actual operating costs for the building because we're cutting that mortgage down by $2.5 million,” explained Dave Smith, Peterborough-Kawartha MP. “That mortgage payment on that amount is not going to be factored into what they have to have in order to operate it so it gives them the flexibility then to lower the cost on 63 of the units in total.”

The funding is part of a project investment of over $46 million through the Canada-Ontario Community Housing Initiative (COCHI) to create 267 affordable housing units across the province according to a press release.

Hunt Terrace is a six-storey building that has 85 units in total including both one- and two-bedroom units. There are specific units for those who require health and/or housing support which is provided on-site through community partners.

“555 Bonaccord is a unique building for PHC (Peterborough Housing Corporation), offering both market and affordable units in a multigenerational setting,” said Hope Lee, PHC CEO. “The ground floor commercial space offers several amenities such as on-site offices for support partners, common spaces for tenants, meeting facilities for the public and dining options for both tenants and the public. The COCHI funding is a much-appreciated contribution towards our capital costs.”

"Our community is working together to build affordable housing, to build homes,” said Jeff Leal, Peterborough mayor. The dedicated team at the City’s social housing agency, Peterborough Housing Corporation, led a true community effort to build the $31.1-million, 85-unit second phase at Hunt Terraces that includes 65 community housing units and 20 market rent units.”

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