Oxford County is the designated Service Manager in the administration and funding of over 1,300 social housing rental units, along with emergency, supportive and alternative housing units, and the administration of affordable housing projects within its jurisdiction.
Oxford County is concerned about the ending of Federal housing funding and the impact on the County’s role as Service Manager, as well as the effect on the operations of individual federal, non-profit and local housing authority social housing providers.
The social housing sector has published various reports outline general concerns and consequences of the ending of Federal funding of social housing.
TWC was hired to draft a more concrete picture of the consequences of the ending of Federal housing funding within the context of Oxford County.
The report examined and reviewed the Service Manager’s concerns on how to meet legislative obligations as specified by the under Housing Services Act within a declining Federal funding commitment over the next 14 years.
With respect to housing providers, the report reviewed the financial viability of projects as a consequence of the ending of individual mortgages. Viability included comments on the condition and marketability of an aging housing stock and the ability for housing providers to remedy building issues with their existing capital reserve.
Within the scope of the report, general recommendations and options were prescribed to assist the Service Manager in meeting and potentially building on its social housing obligations.
Budget projections were included with the report.