The federal government has announced that it will allocate $28.4 million in funding to help support the construction of new affordable housing projects across Calgary.
- Old hotel in Calgary renovated into 79 units of homeless housing
- Low evidence of ‘overheating’ in Calgary’s housing market: CMHC
- Calgary’s housing market now seeing the ‘light at the end of the tunnel’: report
- Calgary’s average home prices need to fall $147,000 to reach affordability
Through Canada Mortgage and Housing Corporation, the federal government will help build 12 affordable housing projects creating a combined total of 665 new homes.
This includes 140 units for individuals with fully-accessible needs, and 372 units with rents lower than 30% of Calgary’s median household income.
All of the projects are in partnership with the City of Calgary, which is offering city-owned land for the developments — an in-kind municipal contribution value of $28.3 million.
The projects are also within close proximity to public transit and support services. They will be built to a green design and energy efficiency standard that reduces greenhouse gas emissions by 26% compared to the 2015 National Energy Code of Canada.
“Building new affordable housing is about giving people the stability they need to succeed, but it’s also about finding ways to accomplish a lot in a cost-effective way,” said Peter Demong, deputy mayor of Calgary, in a statement.
“By working together with all levels of government to fund development, we are able to deliver new homes that are good for Calgarians, for Canadians and for our collective bottom line.”
According to the municipal government, there is a waitlist of over 4,000 people for affordable housing units.
The announcement comes ahead of the fall federal election and amidst worsening housing affordability and rental supply in the city. A number of affordable housing-related investments were also announced in other Canadian cities this week.