Subject: 2017 Cost and Revenue Indices Peel Living

Transcription

1 HIP Housing In Peel Subject: 2017 Cost and Revenue Indices Peel Living Date: August 11, 2016 Replaces: 2016 Cost and Revenue Indices Peel Living HIP P&P dated July 23, 2015 Applicable to The policy and procedures contained in this document apply to Peel Living. Content This document contains the following information: Legislation Purpose Mixed Non-Profits 100% RGI Non-Profits Applying the Indices Questions Appendix 1: Table 1: 2017 Indices Mixed Non-Profit Projects Index, HSA, O. Reg. 369/11 Table 2: 2017 Indices 100% RGI Non-Profit Projects Index, HSA, O. Reg. 369/11 Appendix 2: 2017 Market Rent Index by Housing Provider Name - Peel Region Legislation Housing Services Act, 2011, O. Reg. 369/11 Purpose The purpose of this document is to communicate the 2017 indices for costs and revenues to calculate subsidies for Peel Living under the Housing Services Act, 2011 (HSA). The Cost Indices for mixed non-profit and 100% RGI non-profit projects are used to calculate operating subsidies. The Market Rent Index is used to calculate the operating and rent-geared (RGI) subsidies for non-profit housing providers funded under section 78 of the HSA (formerly section 110 under the SHRA). The Ministry of Municipal Affairs and Housing (MMAH) issues the Market Rent Indices each year that reflect changes in the market rents for each area. Page 1 of 6

2 Mixed Non- Profit Projects Mixed Non-Profit Projects are to use Appendix 1, Table 1, which presents a combination of indices for costs and revenues for mixed projects. In addition they are to use the MRI Table in Appendix 2 to determine indices for Benchmark Revenues which varies depending on location as based on information from the MMAH. 100% RGI Non-Profit Projects 100% RGI Non-Profit Projects are to use Appendix 1, Table 2, which presents indices for costs for 100% RGI projects. Applying the Indices The numbers provided in the 2017 tables are percentages and must be converted into an index factor before it can be used to prepare your budget form for your 2017 fiscal year (O. Reg. 369/11). The following are examples of a Positive Index and a Negative Index: Positive Index Example Negative Index Example Index = 2.34% Index = (2.34)% Decimal = Decimal = (0.0234) Index Factor = plus 1 = Index Factor = (0.0234) plus 1 = Questions If you have any questions pertaining to this document, please contact your Housing Programs Specialist at the Region of Peel. Attachments Appendix 1: Table 1: 2017 Indices Mixed Non-Profit Projects Index Table 2: 2017 Indices 100% Non-Profit Projects Index Appendix 2: 2017 Market Rent Index by Project - Peel Living. Page 2 of 6

3 Appendix 1 Table 1: 2017 Indices Mixed Non-Profit Projects Index, HSA, O. Reg. 369/11 Item Index description 2017 Index Benchmark Costs Benchmark Revenues Administration and maintenance Ontario CPI all-items 1.88% Insurance Ontario CPI % homeowner's home and mortgage insurance subindex Bad Debt Market Rent Index Appendix 2 Electricity Ontario CPI - Electricity 15.38% Water Ontario CPI - Water subindex 5.73% Natural Gas Ontario CPI - Natural gas % Oil and Other Fuel Ontario CPI - Oil and % other fuel Capital Reserves Ontario CPI all-items 1.88% Indexed Market Rent Market Rent Index Appendix 2 Vacancy Loss Market Rent Index Appendix 2 Non-Rental Revenue Factor of 1 Factor of 1 Page 3 of 6

4 Appendix 1 continued: Table 2: 2017 Indices 100% RGI Non-Profit Projects Index, HSA, O. Reg. 369/11 Item Index description 2017 Index Administration and Ontario CPI all-items 1.88% Benchmark Costs maintenance Insurance Ontario CPI % homeowner's home and mortgage insurance subindex Bad Debt Ontario CPI all-items 1.88% Electricity Ontario CPI - Electricity 15.38% Water Ontario CPI - Water subindex 5.73% Natural Gas Ontario CPI - Natural gas % Oil and Other Fuel Capital Reserves Ontario CPI - Oil and % other fuel Ontario CPI all-items 1.88% Page 4 of 6

5 Appendix 2: 2017 Market Rent Index for Peel Living Projects Source: Region of Peel, based on MMAH Information Project Name Building No. BRAMPTON MRI District Building Type (Row/Apt/Mixed) 2017 MRI Chelsea Gardens 38 Brampton (East) Apartment -1.2% Clipstone Court 42 Brampton (West) Row -2.8% Drury Crescent 32 Brampton (East) Group Home 0.0% Fair Oaks Place* 48 Brampton (West) Mixed 0.86% Garden Gate Circle 44 Brampton (West) Row -2.8% Whillans Gate 37 Brampton (West) Apartment 1.5% Project Name Building No. CALEDON MRI District Building Type (Row/Apt/Mixed) 2017 MRI Pinnacle View 41 Caledon Apartment 0.0% Stationview Place* 39 Caledon Mixed 0.0% Project Name Building No. Brittania Place 27 MISSISSAUGA MRI District Building Type (Row/Apt/Mixed) 2017 MRI (The) Castlebrooke 49 (South) Apartment 1.5% Colonial Terrace 35 (Northwest) Row 1.5% Confederation Place 50 (The) Conover 25 Creditbend Terrace 36 (Northeast) Row 1.5% Derrybrae Place 47 Fletcher s View 28 Gardenview Court 30 Gran Columbia 53 (Northwest) Row 1.5% Hammond Road 29 (South) Group Home 0.5% Head Injury Association of Peel and Halton (H.I.A.P.H) House 43 (South) Group Home 0.5% Lakeside Court* 52 (South) Mixed 1.39% Lakeview Promenade* 34 (South) Mixed 1.42% (The) Redmond 40 Page 5 of 6

6 Ridgewood Court 23 Springfield Gardens 31 (Northwest) Apartment 1.5% Surveyor's Point 46 Weaver's Hill 45 Wedgewood Court 22 Westwood Place 21 *Mixed building types calculation: (no. of apartment units x 2017 MRI) + (no. of row/townhouse units x 2017 MRI)/Total no. of units Page 6 of 6