Cochrane council approved a request by the Cochrane Society for Housing Options (CSHO) for $56,000 in funding to replace siding on the HomeStead building, which, since its construction seven years ago, needs replacement.
According to CSHO chairman Glen Sine, contractors he had contacted about the siding had told him that ‘you do not put vinyl siding on a four-storey building.’
Sine said that in addition to vinyl siding being ‘most inappropriate’ for the HomeStead’s size and Cochrane’s harsh climate, the building itself was poorly built, with electrical, siding and plumbing issues already costing the CSHO approximately $80,000 to repair.
Councillor Ivan Davies simply asked, “What happened?” in response to how rapidly the vinyl siding had apparently deteriorated.
Councillor Jeff Toews concurred, questioning whether it was the product that was faulty or the installation.
Sine responded, saying the CSHO had approached legal counsel about the original installation of the siding, but that he was advised that legal action could prove too expensive to pursue.
As for a warranty, Sine said the CSHO had made an insurance claim, and received $7,800.
Mayor Truper McBride said that at the time the HomeStead was constructed, it was ‘mission critical,’ and had the town had more time, or could do things over again, it would have been done differently.
Hardy board will be used to replace the current vinyl siding on the HomeStead, which Sine said is a more durable choice considering Cochrane’s climate.
The $56,000 is being released from the CSHO’s Affordable Housing Reserve fund. The reserve is funded by the town paying in an equivalent to the CSHO’s annual property taxes. As of December 31, 2012, the balance sat at $106,895, and now, following the approval of the funding to replace the siding, is at $50,895.
Sine admitted that it was tough having to dip into the reserve for this kind of funding, but due to the nature of the repair, the CSHO had no choice.
The total cost of replacing the siding is close to $144,000. The CSHO has received $16,362 from the Community Facility Enhancement Program and raised $3,700 from community fundraising.
Toews queried whether the CSHO would be forced to increase rents to raise more money for the project and replenish the reserve fund.
Sine did say that rent for residents of the HomeStead building was increased last year, and that the commercial rate the CSHO presently charges for space that houses such organizations as Family and Community Support Services and Western Rocky View Parent Link Centre, is ‘well below’ the current average rate.
Sine said the CSHO wants to continue a good working relationship with the town by offering affordable space, and there is no intension at this time to raise commercial rental rates.
Sine said there is a lack of residential rental space in Cochrane, only totaling 14.7 per cent of the housing market, and that a healthy supply would be double that.
“Our demand is higher than our supply,” said Sine, adding that the only source of revenue for the CSHO is through rent and ‘modest’ donations.
The CSHO offers affordable housing options for low-income Cochrane residents.
