East Kiwanis Non-Profit Homes is facing a financial crisis, putting about 260 affordable homes in central and east Hamilton in limbo.
The organization wants to partner with the city to sell the homes, potentially creating $200 million in profits that could be used to create 1,000 new rental units over the next ten years.
Ideally, Kiwanis wants to sell the homes to the people who live in them.
The city’s Emergency and Community Services committee will be presented with options on Wednesday.
Kiwanis says the plan would not require the expenditure of city funds or ongoing operational funding from any level of government.
The units are rent-geared-to-income and residents would be picked from the centralized social housing waiting list.