The City of Waterloo is putting forward more than $2 million to help bolster the affordable housing supply. In a news release on Wednesday, the city said it is giving Thresholds Home and Supports Inc. $2.25 million through its Multi-Unit Residential Acquisition Grant, which is funded through the city’s portion of the federal Housing Accelerator Fund. Threshold Home and Supports Inc. is using the money to buy three existing buildings on Herbert Street. Those buildings have 17 units, and 14 of those spaces will be rented out as affordable housing for at least 25 years. “Our community is losing affordable housing at a rate faster than we can build new units,” Eric Philip, CEO of Thresholds Homes and Supports, said. ”We applaud the City of Waterloo’s leadership with this affordable housing acquisition program, to help preserve our community’s affordable housing supply and protect these homes not just for current residents, but future tenants.” People who live in the buildings welcomed the news. “I was fearful at a time to potentially be run out of a home, really. Which is kind of a cloudy area to be in,” Matthew Belanger, a man who has lived at one of the building for more than a decade, said. “It was a little dicey at times, having to look for somewhere maybe I couldn’t afford because everywhere else is expensive. At the end of the day, I was really relieved when [Threshold] came to us with their mission statement.” Belanger said he pays $989 per month for a two-bedroom apartment.
