To get a unit in the future attainable housing building planned for the east entrance of Thornbury, tenants will need to have an annual income between $40,000 and $100,000.
The Blue Mountains Attainable Housing Corporation (BMAHC) recently approved its eligibility policy, which outlines the criteria future tenants will need to meet in order to be considered for tenancy.
“This is not social housing ... If it were, it would be run by the county. It would be funded differently and built differently and the cost structures would be different,” explained Coun. Rob Sampson, chair of the BMAHC. “This is housing for people who earn a living, they just can't afford to live here.”
The eligibility policy will be applied to all BMAHC attainable housing projects and is not site or project-specific.
All applicants applying for BMAHC attainable housing must be 18 years of age with proof of status in Canada and no previous removal orders against anyone in the household.
The primary applicant must be employed in The Blue Mountains for an annual average of at least 30 hours per week and must be able to provide evidence of employment.
The corporation’s policy also allows for those in the retirement phase of life. Retired applicants must be at least 55 years old, and have recently ceased working, but had been an employee in TBM for at least three of the past five years, prior to ceasing full-time employment.
Gross annual income, of all adult occupants, must sit within 50 to 130 per cent of the TBM’s median income.
“Right now, the median income for the town is $70,000. Our policy is based on 50 to 130 per cent of median income,” said Sharon McCormick, executive director for BMAHC. “Applicants will be required to have an annual income of $40,000 to $100,000.”
McCormick explains the corporation came to that figure after looking at what it costs to rent a home in TBM and what you would need in order to afford that, and then worked backwards to what that income range looks like.
“That is what we need to target and to gear our housing to in order to get keys in their hands,” she said.
Applicants net assets – which includes cash, bonds, GICs, stocks, mutual funds and term deposits, Tax Free Savings Accounts (TFSA), and real estate equity in Canada or internationally – cannot exceed $100,000.
Primary vehicles, RRSPs, RESPs or pension plans are excluded from net asset valuation.
“It's not necessarily about the tourism industry or service workers. It's about a whole host of people who, like Rob [Sampson] says, are making a really good income but there's nothing available for them in the market, there is no entry-level housing,” McCormick said.
The policy also notes that BMAHC will manage a special program for “exception” applications where incomes may be below or above this range but the applicant meets all other criteria.
The end goal is to be able to offer residents a rental rate that will sit below the market average. Attainable rent in Canada is considered 20 per cent below the market average.
According to Sampson, the board anticipates the Gateway site to be able to offer a one-bedroom apartment around $700 to $800 a month.
"I think we'd all agree we would like to be lower than that. But, that will depend on construction costs and those types of things. It's not cheap housing. It's quality housing that is just below market price,” McCormick said.
The units would not be subsidized further and the tenant would be required to pay for all of the utilities and parking.
The corporation’s eligibility criteria will be re-evaluated over time to ensure it stays fluid with the marketplace.
“It's called the missing middle. That is the group we are trying to deal with. The missing middle is literally seeing that ability to buy a house drift further away every day with the rising housing prices in this area,” Sampson said.
He adds that while attainable housing is not social housing, it can be a vital stepping stone for those looking to move out of social housing, as well as those looking to move towards home ownership.
“How do you get out of social housing in this town? Forget it, it is impossible. It'll never happen,” Sampson said. “There is no transitional step here out of social housing, which is a huge problem. There hasn't been a lot of transition happening because the next step is 50 feet ahead of you.”
Sampson says BMAHC has outlined its eligibility policy at this stage of the project for a number of reasons – to provide direction to the board; to give the community a sense of who the future tenants are; to develop contacts that fit within the criteria to help in the consultation process; to provide hope to those in the community struggling to find housing; to build a stronger commitment to the project and to identify the need before too much investment is made.
“I think we need to let people know that there is some hope coming down the road and they can start planning their future,” Sampson said. “This also gives the board momentum.”
With the eligibility criteria defined, the BMAHC recently began registering prospective tenants for its Gateway site at 171 King St East in Thornbury.
Those interested in becoming a future tenant of the Gateway site are asked to register and provide basic information on what type of unit they are looking for. A formal application process will be developed after the project design is known.
"Launching the registration process at this time is important and will help inform the project design by understanding the interests of those who are seeking to live there," added McCormick.
