FREQUENTLY
ASKED
QUESTIONS
A PROJECT WE LOVE: VIA VERDE/JONATHAN ROSE COMPANIES - NYC
About Markee
> Why focus on rental housing?
Great housing is great housing, regardless of tenure. For too long in North America, the assumption has been that stable housing is exclusively associated with building wealth through home ownership. Increasingly, this model of housing means that many cannot access housing they can afford. As a result, there has been a relative lack of great new rental communities. Adding purpose-built rental housing supply in a significant way is foundational to ensuring that all Canadians can access a stable home.
> Would you build a building in which 100% of the homes are affordable?
Yes, and we would love to. In some cases, our landowners have financial (or other) needs that must be met through our partnerships, which means 100% of the homes can’t be affordable, but we are conceptually willing and able to offer 100% of our buildings’ homes at a below-market rate.
> Are you a non-profit?
We like to describe ourselves as a business with a focus on delivering a social good. Our mandate is to build affordable housing, and we have worked with our investors to achieve the lowest possible return while still being able to attract the private capital necessary to build affordable housing at a large scale.
> Do you believe that your model will replace government support for affordable and social housing?
Absolutely not. We see our model as co-existing with housing provided by the public sector and non-profits; our interest isn’t in replacing any of these delivery agents, it’s in expanding the supply of affordable homes. We believe that every single Canadian deserves a safe and livable home that they can afford, and that government has a critical role to play in achieving this vision.
> Do you build deeply affordable housing?
We can. The mix of affordable rental rates in each community is defined mostly by the goals and needs of our partners; we work collaboratively with them to figure out the right mix on each project. We also partner with non-profit service providers to provide housing for communities with specific needs.
Partnering with Markee
> Do you work with private and public land owners?
Yes, we work with any individual or institution that has an interest in building affordable homes (e.g. churches, schools, foundations, private individuals, municipal, provincial, and federal governments).
> Do you insist on owning the land on which you build your buildings?
No. We can use 99-year land leases, which allows landowners to retain control of their property over the long-term. But we are flexible and can create new partnership models on a project by project basis, adapting to the needs and desires of each landowner.
> Can your model provide a financial return for the landowner?
In some cases, yes. We develop a bespoke financial model for each project, working closely with each landowner to understand their needs and constraints. We can offer up to 100% of the homes in our buildings at below-market rents, but that’s generally only possible if the landowner does not need a financial return.
Living in a Markee Building
> Do you raise the rents in your affordable homes when a tenant moves out?
No, we do not raise rents above the rate of inflation. We believe affordable housing should stay affordable.
> How do you maintain the quality of your buildings over the long-term?
We contribute annually to a fund that will be used for major building repairs and maintenance over the entire lifespan of our buildings. We maintain the high quality of our buildings while also ensuring they stay affordable.
> When will your first project be ready?
Public consultations on our first project will begin in December, 2020. We’re also working hard with our partners to bring other projects forward as soon as possible. If you click “Contact” in the top-right-hand corner we’ll be sure you’re the first to know when they launch.
> Will your buildings be sustainable?
Absolutely -- from green roofs and sustainable stormwater management, to alternative energy sources, environmental sustainability is foundational to our view of high quality housing.
> What are your criteria for who gets to live in your affordable homes?
We work with our partners to determine the right mix of tenants for each building; we’ll have more details to share on a project-by-project basis. As a baseline, tenants must meet eligibility criteria for affordability thresholds.