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Grey County is increasing to $4 million the amount of a short-term loan to help Owen Sound Housing Company complete its latest affordable housing project after construction costs for the 60-unit build in Owen Sound came in higher than anticipated.
County council agreed during Thursday’s committee of the whole meeting to change the loan amount and term from $3.25 million and one year to $4 million and a maximum of two years.
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“The project did come in over what they had estimated. Their consultant thought it would come in around $11 million for the build and it came in at $12,543,000. So they are asking that the short-term loan be increased,” housing director Anne Marie Shaw told council.