Council reviews housing corporation business model

During a Special Committee of the Whole, members of Council reviewed the initial draft of the housing corporation business model. This culminates work that started last summer, when Council initially directed Staff to develop a business model for consideration.

Key highlights include:

• Corporation will be governed by a board of directors that include four members of Council and three appointed members;
• The Town will use the Growing Communities Fund Grant to provide the start-up funds for the organization;
• A partnering agreement will be established between the Town and the new corporation to manage the initial investment and any donation of land from the municipality;
• The mandate of the corporation will be to facilitate the development of housing, invest in direct delivery of housing and manage housing developed and acquired; and
• The corporation will focus on developing attainable housing in rental and home ownership.

The business model in its entity is located on this site for public review. As this is a draft document, it is subject to changes prior to adoption and approval by Council.

Staff will be preparing a public consultation plan for the next two months to inform the public and solicit feedback on the business model.