To support Yukoners’ access to affordable housing, the Government of Yukon is now accepting applications for the seventh intake of the Housing Initiatives Fund.
The Housing Initiatives Fund is designed to increase the number of new, quality, affordable units in the territory by providing capital grants to community housing providers, First Nations governments and development corporations, municipalities, and private sector entities and individuals in order to support their efforts to build new affordable housing units across the territory.
The Housing Initiatives Fund consists of three streams: shovel-ready projects in Whitehorse, shovel-ready projects in communities and project concepts.
Under the shovel-ready stream, eligible projects must be at a stage where they can begin construction. Projects must create at least four affordable units in Whitehorse or one unit in communities. Units must remain affordable for 20 years and meet energy efficiency and accessibility requirements.
Shovel-ready projects can receive up to $100,000 per unit and up to $1 million per project. Private homeowners building rental units can be funded a maximum of 50 per cent of project costs.
The deadline for the seventh intake of shovel-ready project proposals is February 9, 2024.
Under the project concepts stream, which is open year-round, proponents can receive up to $20,000 towards the development of affordable housing project proposals.
To date, the Housing Initiatives Fund has committed over $28 million to support 56 affordable housing projects across the territory. Projects completed to date under the program have already added 361 new units. An additional 318 affordable housing units are currently under construction.
Meeting the housing needs of Yukoners takes partnership and collaboration; no one government or organization can do it alone. The Housing Initiatives Fund supports our community housing partners in building affordable homes across the Yukon. I look forward to exploring the latest round of submissions to explore how we can continue to work together to support affordable housing across the Yukon.
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To meet the eligibility requirements proponents must be a Yukon resident or a registered Yukon business. Proposed projects must exceed the National Building Code for energy efficiency standards by 25 per cent and meet accessibility requirements where a minimum of one or 20 per cent of units are barrier-free.
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Additional consideration will be given to projects that directly support the diverse housing needs in the Yukon, prioritizing the requirements of seniors, tenants earning less than Yukon Housing Corporation’s household income limits, people experiencing homelessness, youth aged 18 to 25 and First Nations-led initiatives.
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Consideration will also be given to projects that support housing opportunities for staff across all levels of government as well as the local business sector.
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This funding can be used in combination with other Yukon Housing Corporation programs such as the Municipal Matching Rental Construction Program and the Developer Build Loan Program, as well as federal funding initiatives.
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“Affordable housing” is defined as below the most recent median monthly rental or sale price as per Yukon Bureau of Statistics.
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Funding through the shovel-ready project streams comes in the form of a forgivable loan, similar to a grant, but the condition is that the project must maintain affordability for 20 years to be eligible for non-repayment.
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“Shovel-ready" building project is at a stage where construction can begin within six months of an accepted application and be ready for occupancy within two years of signing the agreement.
Renée Francoeur
Cabinet Communications
867-334-9194
renee.francoeur@yukon.ca
Julie Ménard
Yukon Housing Corporation
867-332-7302
Julie.Menard@yukon.ca