Housing

Project Description

Windsor Essex Community Housing Corporation retained NBLC to develop a business case to help in the regeneration of its housing portfolio through redevelopment, new development, retained asset revitalization, and disposition of assets.  In addition to a real estate analysis, NBLC critically analyzed the organizational structure, funding structure, individual building and portfolio-wide financial statements, policy context and end of operating agreement implications, current and projected capital needs, and similar items to form recommendations.  Best practices and relevant case study research were incorporated into a final business plan to further inform recommended strategies.

The above work program included a detailed supply and demand analysis of the Windsor region that included an assessment of WECHC’s waiting list, an analysis of market rental and ownership housing, 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 for WECHC to consider in terms of mixed-income redevelopment opportunities.

The recommended business case 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 regeneration plan is necessary and also the quantitative impacts of the recommended business case.  The qualitative impacts of the regeneration strategies were also clearly identified.