An affordable housing program at Gravenhurst’s newest retirement residence is drawing considerable interest in south Muskoka.
Opened in May on the cliffs above the Muskoka Wharf, the Alexander Muskoka Residence includes 102 units made up of 70 Independent, 14 Assisted Living and 18 Memory Care suites.
However, many might not be aware that 30 of those units were created under the affordable housing standards of the Canada Mortgage and Housing Corporation. That defines affordable housing as housing that costs less than 30 percent of a household’s before-tax income.
“It’s no secret that affordable accommodations are in extremely short supply here in Muskoka, and for seniors in particular,” says Leonard Ohja, who developed the Alexander with his wife Marie. “Paying for the cost of accommodations for seniors can be a stress on families and we’re happy to be able to provide a way to alleviate some of that stress.”
In Canada, housing is considered affordable if it costs less than 30% of a household’s before-tax income.
“Many people think the term ‘affordable housing’ refers only to rental housing that is subsidized by the government,” says Nella Dunn, a Retirement Living Consultant with Alexander Muskoka. “It’s a very broad term that can include housing provided by the private, public and non-profit sectors. It also includes all forms of housing tenure: rental, ownership and co-operative ownership, as well as temporary and permanent housing.”
Under the Alexander’s program, the independent studio apartments at the residence are being offered at $3200/month ($800/ month less than full market rates). The affordable unit program only applies to studio units in Independent Living.
The threshold to qualify for affordable housing at The Alexander Residence is $40K or less based on a Notice of Assessment (NOA) which can be accessed from the CRA website.
If you would like to discuss your qualifications for an affordable unit or are interested in moving into The Alexander, please call Leonard Ohja, Managing General Partner at (705) 394-4844.
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