Uplands Heights: Providing Non-market Housing via Build Canada Homes
Project Highlights
Number of units | 196 |
Value | Approximately ~$72 M |
Status | Financing |
About the development
UHPCLT is working with the Harbourtown Group to acquire two-shovel ready sites in Upper Hammonds Plains. These sites are zoned and ready to deliver 169 non-market housing units. The partnership will position UHPCLT as the owner, while HarbourTown manages the development. We are currently working on an application for Build Canada Homes to finance this development. All units in this development are priced below market rates and directly target very low, low, moderate, and median income households. This ensures durable affordability rather than temporary relief through subsidies. Assets are held by UHPCLT as a nonprofit owner. Operating surpluses remain within the properties and are reinvested into maintenance, resident support, and long-term asset health. This will protect the housing stock from future market conversion.
Progress to date
To date, UHPCLT has received an Agreement of Purchase and Sale from the vendor and is in the process of legal review. We have completed financial modelling to ensure the project’s long term financial health, viability, and affordability. UHPCLT has taken this project through a financial due diligence process and prepared the majority of required documents required for financing through Build Canada Homes.
Next steps
Our immediate next steps are as follows:
- Execute construction contract
- Execute the Agreement of Purchase and Sale
- Submit the financing application to Build Canada Homes
- Finalize the design concept for the development