That, on the recommendation of the Managing
Director of Housing, Social Services, and Dearness Home and the CEO, Housing
Development Corporation, London (HDC), the following actions be taken with
respect to the project proposals received under the Investment in Affordable
Housing for Ontario 2016 Social Infrastructure Fund (SIF) Request for
Proposals RFP 16-38:
a) a
federal/provincial allocation of approximately $78,704.00 per unit, for twenty-seven
(27) new affordable rental units for a total federal/provincial allocation of
$2,125,000.00 for 516 Albert Street, Strathroy with 1822039 Ontario Limited,
BE APPROVED;
b) a
federal/provincial allocation of approximately $59,616.00 per unit, for fifty
(50) new affordable rental units for a total federal/provincial allocation of
$2,980,795.00 at 356 Dundas Street, London with 2363289 Ontario Limited, BE
APPROVED;
c) the
above-noted project proposals BE FORWARDED to the Province for approval under
the Social Infrastructure Fund (SIF) Program, 2016 allocation;
d) a
municipal repayable loan allocation of $40,284.00 per unit for fifty (50)
affordable rental units at 356 Dundas Street, London with 2363289 Ontario
Limited for a total municipal repayable loan allocation of $2,014,205.00 at
an interest rate of 2% annually (not compounded), BE APPROVED;
e) the
municipal allocation from the reserve funds of $2,014,205.00, as recommended in
d), above, BE APPROVED as set out in the Sources of Financing Report appended
to the staff report dated October 18, 2016 as Appendix 'A';
f) in
accordance with Municipal Housing Facilities By-Law No A.-5814-11, the
by-laws appended to the staff report dated October 18, 2016 as Appendices 'B'
and 'C' BE INTRODUCED at the Municipal Council meeting on October 25, 2016 to
authorize a Municipal Contribution Agreement substantially in the form of the
Municipal Contribution Agreement, appended to the staff report dated October
18, 2016 as Schedule 1 and forming Schedule 1 to the by-laws appended to the
staff report dated October 18, 2016 as Appendices 'B' and 'C'; and,
g) the
Mayor and the City Clerk BE AUTHORIZED to execute the said Agreement; it
being noted that this matter remains a requirement of Council while the
assignment of the Social Infrastructure Fund and IAH Administration Agreement
to HDC is pending approval. (2016-S11)
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