KLH Housing Corp is looking to make a dent in the affordable housing crisis.
KLH met with Minden Council today to go over their business plan to build 21 units of “affordable and market housing” along Parkside Street in Minden. The goal of the project is to increase the supply of one, two, and three bedroom affordable units for rent. This is the second phase of the KLH’s plan, the first phase created 12 rentals homes that were occupied in 2017.
According to KLH the area they wish to use was donated by Minden Hills and has already been zoned for multi-residential use. KLH is hopeful that if all goes to plan they will begin construction on the housing April of 2019.
In order for the Phase two project to go forward, KLH is asking the township for $31,990. These costs are for the transferring of the land from one owner to the next, for that to happen, there needs to be a survey of the land, which KLH estimates would cost $5,000, and the appraisal of the land which KLH believes would cost $2,500. The site plan fee is expected to cost $5,750, and the building permit fees are expected to come out to $16,240.
The proposed rent plan has six one-bedroom units being rented out for $697 a month which comes out to roughly 80 percent of the average market rent. As well they plan on having three one-bedroom units for $1,045. The plan also sees three, two-bedroom apartments being rented out for $860 a month, as well they plan on renting out six, two-bedroom apartments with a den for $1,290. The two, three-bedroom units will cost $997 a month, and finally the one, three-bedroom will cost $1,495 a month.
If all goes to plan, the potential tenants would be moving in April of 2020