Hamilton City Council approved an additional incentive to the 90 Carling Street rental apartments developer in exchange for a 15-year ‘affordable housing’ commitment on ten additional units.
In 2020, Hamilton approved a ‘forgivable loan’ waiving the site plan, building permit, and cash-in-lieu of parkland fees for ten ‘affordable housing’ units in the 100-unit building.
The new incentive for ten additional units only waives these ten units’ $104,150 parkland dedication fee.
The agreement defines an ‘affordable unit’ as an apartment rented at 125 percent of the Hamilton CMHC Average Market Rent.
The October 2023 annual CHMC report states AMR for Westdale and Ainslie-Wood at $1,362 per month for a one-bedroom unit.
Using this figure, the 90 Carling Street ‘affordable’ one-bedroom units could rent up to $1,700 monthly. (Nearby listed vacancies are listed at much higher rents.)