The Nipissing District Housing Corporation (NDHC) and the Ontario Aboriginal Housing Services Corporation (OAHS) have reached a deal that will see the construction of 60 new affordable housing units at 1040 Brookes Street in North Bay, next door to the North Bay Indigenous Hub.
Officials say the land transfer agreement between the two organizations ensures the property will be developed and maintained for affordable housing for 20 years, and construction’s expected to begin in October of next year.
“This development provides much-needed affordable housing and the Indigenous Hub
next door is advantageous to future residents, providing Indigenous health and childcare
services,” says Chris Mayne, Nipissing District Housing Chair.
The agreement also stipulates the property cannot be sold or redeveloped for anything other than affordable rental housing, within the 20-year period.
“We have committed to increasing affordable housing in the district and this agreement with OAHS, in addition to the proceeds from the sale of the Indigenous Hub, goes a long way in meeting that commitment,” says Mark King, District of Nipissing Social Services Administration Board Chair.
Officials say the initial purchase cost of $277,000 for the Brookes Street property, NDHC has realized a significant return on investment, adding the value of the new housing development is currently anticipated to be $21.9 million.
In addition, in January, NDHC sold the Indigenous Hub property for $3.55 million with proceeds of that sale going towards future affordable housing developments in Nipissing District.
**With files from Bradley Aubin
