The Nipissing District Housing Corporation (NDHC) has sold its downtown offices with the hopes of putting the money toward affordable housing projects.
“It was seen as an asset that could be potentially used to meet the great need for affordable housing in the district,” said Dave Mendicino, NDHC Chair.
Mendicino says there are about 737 people awaiting affordable housing in the Nipissing District.
“Rather than have equity tied up in a building, we could potentially sell that building and use the equity to help leverage the building of more affordable housing units,” he said.
Mendicino could not share how much the Main Street building sold for but did say it was sold after the listing was reduced to $1.1 million.
It comes as applications for four affordable housing projects were denied through the federal government’s Rapid Housing Initiative.
Mendicino says there has been interest from developers in building affordable housing in the region, which he believes will play a factor in the next round of Rapid Housing Initiative funding.
“With the interest from the developers, the rapid housing initiative and the sale proceeds, it’s all aligning that the board could start looking at opportunities to use that money for more affordable housing units,” he said.
Plans for affordable housing in the region could begin to take shape this summer, Mendicino hopes.
NDHC and the District of Nipissing Social Services Administration Board (DNSSAB) Housing Services will move their operations to city hall in mid-May before the building’s sale is finalized on May 31.
“This move will provide ease of access to DNSSAB and NDHC services in one location including Ontario Works, Children’s Services, Housing Programs and NDHC services,” a statement from DNSSAB reads. “Detailed communications regarding this change will be shared with clients and tenants in the coming weeks.”
