Why are we giving subsidies to Clardige though? Isn't OCHC should be building affordable housing?
I'm not very well-versed in the development business, but can somebody tell me what's wrong with this non-profit concept (simplified):
- OCHC takes a loan in the bank (or elsewhere), hires a contractor, builds a building.
- Based on the monthly expenses (debt payments, maintenance, taxes) sets the rent to break even.
- In N years once the debt is paid, OCHC is getting the profit.
- They can take another loan to do a major refit if needed, and continue paying it off from the rent payments.
__________________
My aerial Ottawa photos on Flickr 📷
|
Threaded Mode