What are potential approaches for creating an Acquisition Strategy to acquire properties or housing units to increase the availability of affordable housing for Hamilton?
This project will be paired with a second project focused on strategies for community engagement as the Housing Secretariat develops a housing finance strategy.
Project Description:
The Housing Secretariat is interested in collaborating with an IBH student team to investigate potential approaches for creating an Acquisition Strategy to acquire properties or housing units to increase the availability of affordable housing for Hamilton. An Acquisition strategy typically involves identifying, purchasing, or otherwise gaining control over real estate assets that can be used to provide affordable housing options for individuals or families in need.
We are seeking suggestions for:
Research to develop best practices for Hamilton’s Housing Secretariat team’s Acquisition Strategy which should include the following:
Who should own and operate any units that are purchased (the City or community stakeholders?)
How are other municipalities working with non-profits, indigenous communities (Land Bank), and other equity-deserving groups in these ventures
Research on the creation of an Acquisition Assistance Fund with social enterprise investors that would enable the City and non-profit housing providers to purchase existing affordable private rental housing.
Several municipalities have formulated acquisition strategies. It would be beneficial for the students to perform a cross-jurisdictional analysis of municipalities of similar size, to offer potential approaches for the Housing Secretariat team in Hamilton to consider.
There will be a second student team working on a related project. On the first team (acquisition strategy) the focus is on models of finance and administration. A second team will focus on priorities and strategies for community engagement as the Housing Secretariat develops an acquisition strategy. Students from the two teams may wish to collaborate on key informant interviews.
Background Research:
Literature review on municipalities acquiring affordable housing
Environmental scan and/or key informant interviews with officials doing similar work in other municipalities
Intended Outcomes:
This research will be used to inform decision-making, inform policies, guide financial planning, foster community engagement, and contribute to the overall improvement of affordable housing initiatives in the community.
City Staff: Amanda Ciardullo, Program Coordinator, HSC, Housing Secretariat
Secondary City Staff: Justin Lewis, Housing Secretariat Director and Michelle Bilek, Housing Secretariat Sr. Advisor
Instructor: Karen Balcom, Associate Professor, History, Faculty of Humanities
Course: IBH 4AB6 - Social Entrepreneurship Capstone