An alternative home financing organization released a report last week to remind government that selling surplus land for low-cost residential development can help struggling neighbourhoods as well as aspiring homeowners.
Home Ownership Alternatives released three case studies of properties in Guelph, Kitchener-Waterloo and Toronto where government surplus land was used by HOA to improve the area and provide housing.
The Toronto example was
Shermount, at Bathurst and Lawrence, on land that was once under the stewardship of the Canada Lands Company, the bureau responsible for federal land that's been designated as surplus.
"Home Ownership Alternatives wanted more people to realize what an impact careful redevelopment can have on a community." said Joe Deschenes Smith, vice president of partnerships for Home Ownership Alternatives, explaining the thinking behind releasing the report. "In each case study, governments committed to find partners who would develop mixed income communities. Each government was paid market value for their land and at the same time helped families realize their dream of home ownership."
The result of the Shermount development was 380 mid-rise condominiums and 51 town homes, which sold at an average cost of $144,000 to buyers under the
HOA second-mortgage scheme.
Writer: Bert Archer
Source: Joe Desch�nes Smith
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