Waterloo resident Carol Weirmeir has been residing in one of the limited affordable housing units in the Waterloo region for 28 years, emphasizing that it is the only feasible option for her given her reliance solely on her old age pension. Weirmeir expressed the ongoing dilemma faced by many individuals, highlighting the struggle of choosing between paying rent or affording basic necessities like food due to rising costs.
Recently, the apartment complex located at 277 Herbert Street, where Weirmeir resides, was put up for sale. In response, the City of Waterloo announced a generous $2.25 million grant to local nonprofit Thresholds Home and Supports to facilitate the acquisition of the property, ensuring the maintenance of low rental prices within the building.
Weirmeir, currently occupying a one-bedroom basement unit, expressed gratitude for the news, acknowledging the financial strain she would face if subjected to market-rate rent. She mentioned the common trend of individuals moving back in with family due to unaffordable housing, a luxury she does not have as she lacks parental support, potentially forcing her to relocate outside the city.
The financial assistance provided for the purchase of three existing apartment buildings, including the one Weirmeir resides in, stems from the government’s Housing Accelerator Fund initiative aimed at expediting housing development nationwide. Among the 17 units in the acquired buildings, 14 are designated as affordable rentals, with the grant securing affordable rent for Weirmeir’s building for the next 25 years.
During the grant announcement event, Waterloo Mayor Dorothy McCabe emphasized the significance of preserving existing affordable housing units, underscoring the long-term benefits of bolstering the housing system for future generations while building upon current resources.
Neighbor Alex Mitrovic, a resident for nearly a decade, lauded the affordability of his two-bedroom apartment, noting the substantial impact that a rent increase would have on his finances, especially nearing retirement age. CEO of Thresholds Home and Supports, Eric Philip, highlighted the community aspect within the buildings, stressing the importance of prioritizing people over profit margins to safeguard tenants’ homes and connections.
Another resident, Michael Riberdy, highlighted the scarcity of affordable options in the city, with rents often exceeding $2,000 monthly, making his current residence a valuable and cherished find. Riberdy, on a fixed income in retirement, values the peaceful environment and camaraderie among fellow tenants, emphasizing the necessity of such housing for those in need within the community.