By Cecilia Nasmith
On July 1, Northumberland County will establish a limit on assets that can be held by a family and still qualify for rent-geared-to-income housing.
The news came from Housing Services Manager Rebecca Carman this week at Northumberland County council's Social Services standing committee.
Many Ontario municipalities have such limits but, until now, Northumberland has not. The province is now requiring that every municipality have one by July 1, and Carman wants council approval for a directive to set that limit at $75,000 (the province requires the minimum for such a limit be set at $50,000).
“The rationale is, we want to ensure the limited spaces we have are able to be accessed by folks who have no other means of affording housing across the province,” she explained.
“The way it has worked – it's something you could do, but we hadn't done it. And we are now required to do one.”
In setting that $75,000 figure, she added, “we have sought input from non-profit housing providers and neighbouring municipalities, and scanned asset limits across the province.”
In calculating a household's assets, there's a long list of things that need not be factored in. The report listed a number of examples, such as the tools of one's grade, prepaid funerals, business assets, the cash surrender value of life insurance, locked-in investments that are not cashable, funds in a registered retirement or education-savings plan, clothing, personal effects and furnishings.
From a review of the current tenant list, as well as families on the waiting list, “we believe this has an impact of less than 5%. That may be fine-tuned, as these (assets) are self-reported.”
Carman's report will be referred to the March 15 county-council meeting, which will give the county time to get the news out.
Following the committee's vote to recommend county council approve her suggested directive, Councillor Mandy Martin took a moment to thank the county for their purchase – announced just this week – of a 22-unit rental complex at 123 King St. E., Colborne, in partnership with the Northumberland County Housing Corporation.
The announcement noted that these units were among the most affordable private-market rentals in the community so, when the owner wanted to sell the building, the county acquired it to add to its housing portfolio to keep the units as affordable – and, incidentally, support the tenants currently occupying the building.
Martin commended the county for protecting those occupants.
“To me, that's a very big thing – a good thing,” she said.
“I hope we have some other opportunities to do similar types of work,” Councillor Olena Hankivsky agreed.
“I absolutely agree – such an important project.”
