The cost of new affordable housing intended to replace the Victoria and Albert Rows is too high, according to One Bermuda Alliance.Party leader Craig Cannonier said the new units would put further pressure on Bermudians trying to rent or sell their own homes.And he said some of the current residents are concerned they may not be able to afford the new housing.“Some residents also maintain that the existing units are structurally sound and perfect for renovation,” Mr Cannonier said.“We would like [Public Works Minister Michael Weeks] to explain why he decided to demolish this historic housing instead of renovating them. This struck us as an opportunity to exercise responsible spending of the people’s money.”Government has spent millions on affordable housing units when what is truly needed is housing for those who cannot afford “affordable” housing, he added.Shadow Finance Minister Bob Richards meanwhile questioned how the $36 million project would be funded.“We know Government doesn’t have it, and we know Wedco doesn’t have it, so where is it coming from?“If the Government has to guarantee it, then it is taking on more debt. This will be $36 million on top of the more than $1.5 billion it already owes.”He suggested that Government, instead of investing in building new units, work to place needy families in already vacant properties, using rental subsidies when necessary to make them affordable.“This project carries all the signs of not being careful with the people’s money,” Mr Richards said. “For the people on Victoria and Albert Row, we think the best plan may be to renovate the existing units and to keep their rental rates at current levels.“That’s a solution that would keep them in their homes, improve living conditions and create jobs for construction workers while exercising more prudent use of the people’s money.”Public Works Minister Michael Weeks announced last week that work on phase one of the project would begin this summer. He said the project would take around 18 months to complete and provide more than 100 construction jobs.He stated the following in a press release issued this evening:"While the OBA claimed that 45 houses would be built for $36 million, the actual number of units will be 100. In addition, the $36 million includes all costs associated with the project including architectural and planning costs, financing costs, infrastructure redevelopment (water and sewage) as well as the building of new units, and demolition and rebuilding of units at Victoria and Albert Rows. Phase one will consist of 48 units and phase two will consist of 52 units."The OBA is also misleading in claiming that Government is paying for the development, when in fact WEDCO is securing all financing for this project directly on their balance sheet."The OBA also claims that existing tenants will not be able to afford to buy the new units. This is inconsequential as the units will not be for sale. Existing WEDCO tenants and those on the BHC waiting list will be moving into the units that will only be for rent. In addition, if tenants are having difficulty paying rent there are existing means within Government to provide assistance."He continued: “Perhaps if the OBA had come to me with their concerns I could have answered many of their questions rather than holding a press conference and disseminating mistruths and fabrications about this project that aims to help those in our society most in need of housing assistance. WEDCO is going to provide sustainable, affordable housing for the people of Bermuda and to turn this into a political football is shameful.”.