City of Waterloo awards $2.25 million to preserve existing affordable housing rental units

The City of Waterloo’s Multi-Unit Residential Acquisition Grant of $2.25 million has been awarded to Thresholds Home and Supports Inc. to assist with their purchase of three existing apartment buildings to improve housing stability and affordability for current and future tenants.

The grant comes from the City’s portion of the Housing Accelerator Fund; a fund established by the federal government to provide financial support to local governments to address housing affordability and supply challenges.

The Multi-Unit Residential Acquisition Grant (MURA) was created to assist not-for-profit housing providers, co-operatives and/or land trusts to acquire existing rental units and retain them as long-term, affordable and attainable rental housing. 

“Protecting affordable housing starts with preserving the homes we already have. This funding helps safeguard naturally occurring affordable housing, secures the long-term viability of these units, and supports our commitment to expanding affordable housing options across Waterloo. Residents of all incomes, ages and abilities need to continue to have a safe and affordable place to call home,” said Dorothy McCabe, Mayor of Waterloo.

The recipient of the MURA funding has purchased three existing buildings on Herbert Street in Waterloo with 17 rental apartments, of which 14 are affordable. The affordability will be secured for 25 years. There is potential within this project to add more affordable rental units and/or modify some units for accessibility.

“Our community is losing affordable housing at a rate faster than we can build new units," said Eric Philip, CEO of Thresholds Homes and Supports. "We applaud the City of Waterloo's leadership with this affordable housing acquisition program, to help preserve our community's affordable housing supply and protect these homes not just for current residents, but future tenants.

The MURA program is one of nine housing actions that will increase the supply of housing (including affordable housing) and support long-lasting systemic changes.

“Through the Housing Accelerator Fund, we’re proud to support community-driven initiatives like this one in Waterloo.  By awarding the Multi-Unit Residential Acquisition Grant and partnering with organizations like Thresholds Home and Supports Inc., the City of Waterloo is creating more stable and affordable homes for residents and helping to ensure that housing remains accessible for those who need it most.” — The Honourable Bardish Chagger, Member of Parliament for Waterloo.

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Media contact:
Stacey Abbott
Corporate Communications Manager, City of Waterloo
Stacey.Abbott@waterloo.ca