July 6 2016
Maintaining the Supply of Affordable Housing in Montréal - SHDM adds to its housing supply and finances the purchase of an affordable housing property
Montréal, July 6, 2016 — The Ville de Montréal recently authorized Société d’habitation et de développement de Montréal (SHDM) to purchase a 29-unit residential building belonging to Société canadienne d’hypothèques et de logement (SCHL), located in the Côte-des-Neiges—Notre-Dame-de-Grâce borough. With this transaction SDHM resumes its purchasing of affordable rental housing.
“By launching projects such as the purchase of this building, Montréal is safeguarding a diverse housing supply. This purchase represents an important aspect of SHDM’s mission, namely, helping to maintain and develop the supply of high-quality, affordable housing,” explained Montréal mayor Denis Coderre.
SHDM general manager Nancy Shoiry is very happy with the acquisition, which adds to the company’s current stock of 4,700 affordable rental housing units. “Our housing supply offers an alternative to subsidized low-cost housing (HLM), boosts diversity and vitality in our neighborhoods, and meets the growing demand for high-quality, affordable housing in Montréal. I am delighted that SHDM is able to maintain these rental units for the households that live there.” Emphasizing that SHDM will be financing the entire project, Ms. Shoiry added that “this purchase demonstrates the vital role SHDM plays as a paramunicipal organization and its ability to take targeted and appropriate action to maintain a high-quality, affordable housing supply in Montréal over the long term.”
Russell Copeman, Ville de Montréal councilor in charge of housing, urban planning, and real-estate management and planning and for Office de consultation publique de Montréal, also commented on the transaction. “By taking this opportunity to add to its rental housing supply as part of a project that it is entirely self-financed, SHDM is proving that it’s possible to come up with creative solutions for preserving the diversity of the housing supply without placing a burden on taxpayers. In addition to purchasing the building, SHDM is also planning significant renovations that will enhance the current tenants’ quality of life, preserve the building over the long term, and provide high-quality housing at an affordable price.”
The transaction was formally approved by the SHDM board of directors on June 21, 2016, and duly approved by the Ville de Montréal council at the meeting on July 6, 2016.
About the building
Built in 1939, the property offers a total of 29 affordable housing units (five 3½ units and twenty-four 4½ units). It is located at 5215 chemin de la Côte-Sainte-Catherine and at 5722-24 avenue Mountain Sight in the Côte-des-Neiges—Notre-Dame-de-Grâce borough. Currently, 28 of the 29 units are occupied. The building is owned by Société d’hypothèques et de logement (SCHL) and was put on the market via a public tender won by SHDM. In addition to offering a purchase price of $2 million, SHDM has committed almost $500,000 to carry out renovations and bring the building up to code, while maintaining affordable rents.
Leslie Molko, SHDM Spokesperson, 1-514-347-8584 | Marc-André Gosselin, Press Officer, Office of the Mayor and the Council, 1-514-290-1194
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