The Sault Ste. Marie Housing Corporation recently closed on the purchase of a vacant lot on Douglas Street in the city's west end that may one day be home to an affordable housing four-plex.
The SSMHC board approved the $60,000 purchase of the lot at 597 Douglas St. at its meeting in February. Mike Nadeau, CEO of the SSMHC, said on Wednesday that the sale of the 52 by 100-foot lot recently closed.
In the report to the board, Nadeau said the community requires more affordable housing and in order to build more units the SSMHC requires vacant land within its asset mix.
"The capital team has determined that it can hold, at minimum, a four-plex apartment building similar to the apartment being built at the corner of Wellington and Abbott Street," said Nadeau of the lot in the February report.
"Generally, upper levels of government funding support shovel ready projects more favourably than non-shovel ready. This requires the SSMHC to have land holding, with plans, to capitalize on funding opportunities."
The purchase was made through SSMHC reserves. It is estimated the total cost, including closing and carrying costs, will amount to $65,000.