Housing
Greater Sudbury Social Housing Revitalization Plan
Client:
The City of Greater Sudbury
Location:
Sudbury, On
NBLC Services
Demand/Supply Analysis
Site Evaluation Analysis
Portfolio Analysis
Financial Pro Forma Analysis
Project Description
The City of Greater Sudbury retained NBLC to develop a business case for revitalizing its public housing portfolio through redevelopment, new development, and disposition of assets.
As part of the study, a detailed residential supply and demand analysis was conducted for the City of Greater Sudbury and its local districts. This included an assessment of the City’s wait list, market rental and ownership housing options, household projections by tenure, and the need for affordable housing by affordability level (e.g. RGI, AMR, near market). This analysis allowed NBLC to determine current and future supply and demand gaps and inform strategies to consider mixed-income redevelopment opportunities.
In addition to real estate analysis, NBLC critically analyzed the funding structure, individual building and portfolio-wide financial statements, policy context and end of operating agreement implications, current and projected capital needs, and other similar items to form recommendations. A best practice review of social housing revitalization and other relevant case studies was also conducted.
The recommended business case provided near-term, mid-term and long-term actions with associated cost estimates. This was compared against the do-nothing “base case” scenario, which was developed by projecting the required operating subsidy and unfunded capital requirements of the housing portfolio if no action was to be taken. This approach clearly identified why a revitalization plan is necessary and the quantitative impacts of the recommended business case. The qualitative impacts of the regeneration strategies were also clearly identified.
