The City of Montreal and the Société d’habitation et de développement de Montreal (SHDM) announced an agreement Tuesday that will allow the development of 1,000 off-market housing units within three years. Of those units, 300 will be reserved for those who are at risk or are currently facing a situation of homelessness.
The partnership, recommended by the Chantier Montréal Affordable, marks a major change in the support offered to non-profits that build, purchase or renovate affordable housing units in Montreal. Instead of allocating significant time investments into individual opportunities, the agreement will enable more rapid housing development.
The city will clarify its total investment amount in the coming months, but a starting sum of $5 million is confirmed this year for the initial development phase.
In a press release, Mayor Valérie Plante says “the SHDM, which is the real estate arm of the City of Montreal, is an essential partner in our fight against the housing shortage and the affordability crisis.
“Our administration is constantly pushing the limits of its powers to deal with the housing crisis and we will continue to innovate to accommodate more Montrealers.”
Sophie Rousseau Loiselle, the general director of the SHDM added: “The overall approach over three years will allow us to be more agile, particularly financially, by creating a favourable environment to maximize our investments based on projects and opportunities.
“Whether for the acquisition of buildings, the revaluation of buildings or the construction of new housing, all of our development expertise will be optimized.”