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Thursday, December 14, 2017 -  closed between 11 a.m. and 2 p.m.

Friday, December 15, 2017 -  closed at 2 p.m.

Holidays Closing - Friday, December 22, 2017 @ 2:30 p.m. to Monday, January 1, 2018

Canmore Community Housing Corporation (CCHC)

FAQ

 

What does Perpetually Affordable Housing (PAH) mean? PAH is a community investment in Canmore's housing infrastructure, which allows CCHC to provide homes at below-market prices to eligible households. To ensure that the community's investment and the "perpetual affordability" are retained for the benefit of future residents, resale and rental price formulas are used. This means that if you own your PAH home, a resale price formula indexed to inflation is used to calculate how much your home may increase in value each year. If you rent your PAH home, current rental rates are at least 10% below market rental rates.

 

Is PAH the same as “subsidized housing”?  No. Subsidized housing, or Social Housing is the mandate of the Province and benefits low income households.  Typically, the cost of the units in Social Housing is geared toward income; meaning that prices may fluctuate depending on a household’s income and the Government subsidizes the remainder of the cost. Means tests are generally performed when program affordability is measured as compared to income whereas PAH on the other hand has affordability measured against market rates. 

 

PAH is intended to primarily meet the needs of moderate income households; neither the rental rate nor the purchase price for PAH fluctuate depending on income of the applicant accepting the unit. 

 

Are CCHC rental and ownership units subsidized? Debt servicing and operational costs of rental units are covered through rental revenues.  The costs to develop ownership units are recovered from the purchase price of the units.

 

How does CCHC confirm eligibility? The CCHC programs are established to confirm a connection to Canmore and need for affordable housing.  Need is determined through income and asset limits.  The eligibility criteria are verified before eligibility is confirmed.

 

How many rental units does CCHC have in its portfolio? There are 108 rental units in CCHC’s rental portfolio, 60 of these are at The Hector located on Palliser Lane and 48 are at McArthur Place located on Dyrgas Lane in Three Sisters Mountain Village.

Who approves PAH rental applications/applicants? CCHC administration approves applications within policies approved by the Board of Directors.

 

Who approves the rental rates that CCHC charges? Rental rates are approved by CCHC’s Board on an annual basis. Units at The Hector require a further Provincial approval as a function of grant funding received at the time of development.

 

I’ve heard CCHC owns the Blakiston on Palliser Trail, is that correct? CCHC does not own the Blakiston nor is involved with the management of this property.  While some units were purchased under an Attainable Housing model by the Developer, the Blakiston is considered to be a market condominium.

How many PAH ownership units does CCHC have? There are currently 44 PAH homeownership units in CCHC’s portfolio. CCHC is beginning a new development in the Larch neighbourhood at the Old Day Care Lands in September of 2017 and upon completion another 49 ownership units will be brought into the portfolio.

 

In addition to this, over time, CCHC will be bringing other PAH ownership units into the portfolio through private sector developments where the developer has promised to provide PAH units as a function of their development approval.

 

I’ve heard all the PAH homeownership units are of a leasehold tenure? Most of CCHC’s PAH properties are acquired by purchasers under a leasehold tenure (33). PAH owners acquire a leasehold interest which defines the interests, roles and responsibilities of all parties. There is a landlord or owner of the land (CCHC) and a tenant or leaseholder of the building and its improvements (PAH homeowner).

 

What about the other 11 units? Those units are bound by a restrictive covenant and option agreement in CCHC’s favour. With respect to these properties, CCHC holds a Restrictive Covenant and Option Agreement on Title; these legal instruments are registered with the PAH home owner’s agreement as a condition of purchase.

 

What limitations are put on PAH homeowners? The PAH Leases and Restrictive Covenants/Option Agreements extend CCHC the rights as outlined in these Agreements, namely that the properties remain the owner’s primary residence, the future resale of the property is price restricted, and that CCHC has an option to purchase the property when the owner wishes to sell.

 

How does CCHC ensure it is the owners primary residence? On an annual basis PAH home owners must sign a declaration indicating they are using the property as their primary residence. In addition to this, should CCHC receive a complaint that a property is not being used as one’s primary residence, the matter will be investigated and if not in compliance, CCHC would enforce the requirement immediately.

 

Does CCHC own Mountain Haven Co-operative Homes (MHCH)? CCHC owns the land and holds the ground lease where MHCH is located. MHCH leases the land and operates their own PAH ownership and rental programs.

 

Who owns CCHC? There are two shareholders of CCHC, the Town of Canmore  who is represented by Council, and the chief administrative officer (CAO) of the Town of Canmore who holds their share in trust for the Town of Canmore.

 

Who oversees CCHC operations? The shareholder appoints a Board of Directors who governs the administration of CCHC. The Board is comprised of seven public members, two Council member representatives from the Town of Canmore, and one senior administrative personnel liaison from the Town of Canmore (non-voting).  As of 2017/18 Board terms will be offsetting revolving two year terms (4 members/3 members).

 

How often does the Board meet? The Board meets the first and third Wednesday’s of the month, CCHC Board meetings are open to the public. Approved meeting minutes are posted on CCHC’s website; they can be accessed through the following link: http://www.canmorehousing.ca/minutes-and-agendas

 

How many staff does CCHC have? CCHC has four administrative personnel, a Managing Director, Manager of Housing Programs, Rental Administrator, and an Executive Assistant.

 

Who pays for CCHC’s operations? CCHC’s operational costs are currently offset through funds collected by the Town of Canmore and requisitioned by CCHC.  These funds are derived from tax contributions: specifically, from the Perpetually Affordable Housing (PAH) mill rate.  The current PAH mill rate is .06520 of the total rate of 5.11128.  This means that for a  one million dollar home, the annual tax assessment would be approximately $5,111 with about $65 being earmarked for PAH. More information can be found on the Town of Canmore website through this link: https://canmore.ca/residents/property-tax/rates-assessments

 

How much does the PAH mill rate generate annually? The PAH mill currently generates approximately $750,000 in revenue annually; CCHC requested and was approved to receive $470,000 (2017) and $475,000 (2018) in operational funds.  All PAH properties (both rental and ownership) pay municipal taxes including the PAH levy.

 

What happens to the rest of the PAH mill rate funds collected? They are held in a reserve by the Town of Canmore for future PAH initiatives;

 

Who approves CCHC’s budget? CCHC’s Board of Directors approve the budget, subject to final approval by The Town of Canmore.

 

Can I see CCHC’s budget? Yes, the budget and audited statements are available on CCHC’s website through the following link: http://www.canmorehousing.ca/documents

 

Should you have any other questions, please contact CCHC directly at 403-609-9983.

CCHC will be moving forward with a PAH Ownership development in the Larch neighbourhood of Canmore located on the corner of 17th Street and 11th Avenue (also known as the Old Daycare Lands).  Click here for the latest information.

*REGISTRATION FOR INFORMATION SESSIONS IS REQUIRED*

**Please note that due to high interest in the Ownership program, one on one information sessions are not currently available, so attendance is mandatory at one of the pre-scheduled information session times prior to submitting your application.**

In this 40-minute information session we answer the who, what, why and how of CCHC's Perpetually Affordable Housing (PAH) Ownership Program AND you will receive a coupon equal to the $100 application fee.

Upcoming dates:

Wednesday, January 10, 2018 - 12:10 p.m. CCHC Board Room. Light snacks will be provided.

Wednesday, February 7, 2018 - 12:10 p.m. CCHC Board Room. Light snacks will be provided.

Registration is required as seating is limited. Once seats have been filled, waitlist availability will be taken. Please register by calling our office or emailing own@canmorehousing.ca.  Due to an increase in interest, please continue to watch this space for additional dates and times for other Ownership Information Sessions.

Where: CCHC office at 600A 9th Street (2nd Floor, above Canmore Seniors Drop-In Centre and ParentLink). Parking is available. 

CCHC makes house calls! We are happy to provide in-house PAH information sessions. Email us or call 403.609.9983 to make group arrangements for alternate times.

 

 

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