The Upper Grand District School Board hoped to sell a surplus school site; Guelph wanted to improve the adjacent park; and Guelph and Wellington County were looking for an affordable housing project.
They have met all those goals on Mountford Drive.
"Guelph allocates funds to affordable housing as part of the Wellington and Guelph Affordable Housing Strategy. The Mountford project puts those funds to good use by helping tenants who wish to become home-owners and, in turn, freeing up rental units." said Paul Kraehling, senior policy planner for Guelph.
The city deferred the development charges for the project for 10 years to ease the initial financial burden of building and owning one of the 124 new units. The combination of four-plexes and stacked townhouses will be surrounded by Peter Misersky Park. Options for Homes is a not for profit housing developer with successful projects built in Kitchener-Waterloo, Collingwood, Montreal, and Toronto.
"Like all of our projects, the Mountford Drive homes appeal to singles, couples, families and retirees with low to mid-level incomes," said John Farley, community liaison for Options for Homes. "We’re planning a car-share program, a community garden."
The one-, two-, and three-bedroom units will sell for about 20 per cent below similar properties in Guelph. Prospective buyers can get an interest-free loan for up to $20,000 for a down payment.
The loan does not have to be repaid until the owner sells the home. For qualified applicants, there is additional financing available.
"It’s an infill project that meets the city’s goals for growing in a balanced and sustainable manner, and provides opportunities for affordable home ownership," said Kraehling.
"Working with the school board, Wellington County and Options for Homes, we’re able to provide a real option for people who want to own a home, but never thought they could afford it."
