Edmonton incentivizes new affordable housing through $15 million grant
The City of Edmonton is again incentivizing affordable housing to accelerate the development process heading into next year.
There will be $15 million in grants available for providers to speed up construction as part of the City’s affordable housing program.
That program has helped create more housing, including market rentals and social and supportive units since it was implemented in 2019, the City said.
“We know the market can’t provide for everyone, from those experiencing houselessness to families struggling to make ends meet,” Edmonton Mayor Amarjeet Sohi said in a statement.
“Through these grants, the City helps get shovels in the ground on this critical social infrastructure.”
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Now in its sixth round, the grant is open to non-profit and private sector developers that could build affordable housing in 2024.
Affordable housing is defined as housing that’s operated, funded or created through direct government subsidies.
There are different types of affordable housing to meet different needs, including:
- Social housing: rent-geared-to-income for very low to low-income households
- Non-market affordable: deep subsidy (less than 50% market rent) and shallow subsidy (less than 80% market rent) for low to moderate-income households.
- Near-market affordable rentals: 80% market rent for moderate-income households.
Supportive housing is subsidized housing with on-site support services.
Successful projects will receive funding to cover up to 25% of construction costs, but providers must guarantee that the affordable units will be offered at below-market rates for 25 to 40 years.
Projects are also required to be environmentally sustainable to ensure long-term resilience, the City said.
Since 2019, the City has invested a total of $165 million to help create 3,127 units of affordable housing, including 783 units of supportive housing.
According to the municipal government, every dollar invested by the City attracts an additional four dollars from other levels of government and affordable housing developers.
Grant applications will be accepted until March 22, 2024, and applicants must have issued development permits.
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