The Squamish Community Housing Society, or Housing Squamish, has requested an additional $300,000 from the District’s Housing Reserve Fund for 2024. The request was made as part of the District of Squamish Spring Budget Amendment process.
The additional funds would go towards housing development and to pay the wages of two additional management-level hires, a Housing Operations Manager and a Society Operations Manager. They would also fund legal and accounting costs and hire consultants to support upscaling the Society’s finance and accounting systems and business and real estate planning, according to a memo by Housing Squamish to the District of Squamish.
According to the memo, the additional budget will also help to implement the strategic plan developed by the Board in January 2023 to complete work such as housing development and acquisition, operation of existing and new affordable units, and business and real estate planning to address the significant need for affordable housing identified in the District’s 2023 Housing Needs Report.
The Council approved the Squamish Housing Society in December 2021, mandating it to establish and monitor a coordinated waitlist for affordable housing, monitor housing conditions, compile housing data, and provide education and research on housing. The society was initially allocated $225,000 to cover the salary of an Executive Director, an administrative staff person, and basic start-up costs.
“While the intent was for SCHS to become financially self-sufficient as quickly as possible, the (consultant) report suggested that the District of Squamish would be a primary funder for the Society’s initial start-up years. M’akola suggested that over time, SCHS would generate independent revenue through waitlist management fees, grants, research funds, and direct financial contributions from non-profit partners for service delivery,” the memo notes.
The extra money will also help Housing Squamish leverage substantial new senior government funding programs that did not exist at the time of the initial Society work and budget, including new annual funding calls from the BC Housing Community Housing Fund, the new CMHC Housing Accelerator Fund, the new BC Builds Program, and the new BC Rental Protection Fund.
The memo notes that Housing Squamish continues to work toward the vision for a Society that is independent and financially self-sustaining, aiming for a non-profit business model where operations are funded by revenue from development and housing operations rather than ongoing grants.
“However, we anticipate continuing to rely on District of Squamish funds for operations for at least 2024-2026 as we scale up our portfolio and develop a viable revenue model,” the society said.
Three new members joined the society in February this year.
