Deeply Affordable: 35 ; Rent Geared to Income: 12 ; Moderate Income: 11
Union Co-operative is a new community land trust in the Waterloo region with a mandate to purchase properties to maintain affordability through community ownership and control. Community members can become co-op members to invest in affordable housing. The acquisition of two apartment buildings at 475 and 477 Lancaster Street West is the co-op’s first purchase. Union Co-operative plans to add two accessible apartments within the existing buildings, as well as explore ways to reduce the buildings’ energy costs and environmental impacts. Sixty percent of the apartments are rented to people supported by local charities including those supporting refugee settlement
Profile Maps Last Updated: July 2, 2024
Notes:
**Priority Population(s): These are described for projects that explicitly fill some or all units with people who are part of a specific demographic that faces unique needs related to housing insecurity.
**Green Building Standard: This is described for projects that are designed according to a green building certification such as LEED (Gold/Platinum), Built Green (Gold/Platinum), and Passive House.
**Affordability Definitions:
Deeply Affordable – A home that is affordable to people on a very limited income, such income assistance, disability assistance, and income support programs for seniors.
Rent Geared to Income – A home that is available to people with modest incomes. Rent is calculated to be affordable based on the tenant’s income.
Moderate Income – A home that is available for a monthly rent that is equal to the low-end of rents available in the private market. Also referred to as ‘Middle Income’ and ‘Affordable Market’.