Accelerated provincial funding will allow an additional 55 units of affordable housing to be build in Fergus, with construction expected to begin next year.
Wellington County social services administrator Eddie Alton explained in a report to county council on May 28 that Phase 2 of Fergusson Place (55 new affordable units) is considered the county’s number one priority for a new build in the five-year plan for social services.
With estimated costs of approximately $10.725 million, in order to maximize Ministry of Municipal Affairs and Housing funding, the county asked that funding allocated over a six-year time frame be moved forward and merged with current funding.
Alton said the county received provincial approval for the funding shift on May 21, making the total amount eligible for subsidy approximately $8.04 million or about 75 per cent of project costs.
During discussions with the ministry, Alton said, the county indicated it would use 100% of the funds for the project and forego the administration fees, which would be up to 10% of available funding or up to $987,000 for all six years of the funding program.
While details of funding and construction remain to be worked out, current projections indicate construction could begin in April or May of 2016 and the project would be completed in 2017.
“I think it’s great News on Fergusson Place,” said Warden George Bridge.
“We’re very excited about this opportunity,” said Alton.
