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Provincial government's end of 'cap and trade,' costs County about $2.4 million

Posted August 9, 2018

The provincial Conservative government's cancellation of the cap and trade program effective July 3, leaves about a $2.4 million funding shortfall in Simcoe County's social housing portfolio.

Hardest it is the Social Housing Apartment Improvement Program (SHAIP) which was allocated $2.2 million for 2018-2021. The money was earmarked for upgrades to 294 units. The $1.88 million provided for 2017-18 will not be impacted. Those projects tied to it must be completed by March 31, 2020.

The program cancellation also cost the County $221,000 from the GreenON Social Housing Program. Those funds were to pay for emergency repairs of two hot water boilers in social housing complex in Midland.

"This Housing Provider requires an in-year urgent capital repair loan, up to the amount of $221,000, to fulfil this capital repair. In 2012, the County established an annual transfer to reserve as part of the Social Housing Non Profit budget to offset the County's share of provider capital reserve shortfalls."

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All stories, unless otherwise noted,
by Tony Veltri