Reserve accessed to help re-side Homestead

Cochrane town council gave the go-ahead for the Cochrane Society for Housing Options (CSHO) to pull $56,000 from the affordable housing reserve so it can replace the siding on the Homestead Building. CSHO chairman Glen Sine asked council to release the funds so the society could replace its siding on the four-storey building, estimated to cost $144,000. Its a major project CSHO wants to put behind them. While there was $123,576 available in the reserve it wasnt enough to complete the project. By withdrawing $56,000 from the reserve the project can be completed and the society will still have funds available for other capital project. Its not a new ambition, in fact it was part of the CSHOs decision to take care of all deficiencies in the seven-year old building and the siding was the largest single project to tackle. But the society has been unsuccessful in its push for grants, only securing a $16,362 grant from the Alberta Community Facility Enhancement Fund and has raised $3,700 from fundraising efforts. CSHO is also ineligible to apply for capital grants or raffles and casinos through the Alberta Gaming and Lottery Commission due to guideline restrictions. Sine explained to council the current vinyl siding is not doing the job and contractors have told them the product is not ideal for the four-storey building. It will be replaced with James Hardiboard siding to better withstand sun and wind patterns that have damaged the existing siding over time. In addition, the new siding is noncombustible and will provide better fire protection. CSHO appreciates the support council gave to the siding replacement. CSHO is pleased the funds will be used to protect the integrity of the Homestead, a community asset we consider critical in achieving the towns affordable housing strategy, states a news release. The Homestead has 21 rental united, accommodating 43 people with low to moderate incomes at rents at least 10 per cent below market. CSHO says the Homestead fulfills two objectives within the housing strategysupply and affordabilityfor low and modest income families. Sine told town council CSHO is concerned over the short supply and high cost of rental accommodations in the community and said a one-bedroom bachelor apartment currently costs about $1,000 per month. The current rental market in Cochrane and surrounding area shows consistent trends in rents rising over the last three to four years along with vacancy rates continue to decline, CSHO states in a news release. Current vacancy rates are less than two per cent. The current rental market is very short on supply and high on demand. This type of market is hardest on those with low and modest family incomes. The main floor of the Homestead is dedicated to commercial space. The reserve was at $106,895 before Monday nights decision and was built through contributions to the fund equal to annual property taxes since 2006. Its the first time CSHO has had to come to council to access funds from the reserve. noel.edey@sunmedia.ca

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Reserve accessed to help re-side Homestead