The City of Calgary will be selling seven city-owned sites to non-profit affordable housing providers.
The sites are in Saddleridge, Hillhurst, Albert Park/Radisson Heights, Forest Lawn and the downtown core. The sale is the largest to affordable housing providers in the city’s history.
“Calgary faces a critical need for affordable housing, and the City of Calgary is proud of our role to help get that built. The release of this land is a historic step forward in creating more safe, quality housing for more of our fellow citizens,” said Calgary Mayor Naheed Nenshi.
The sites were chosen due to their close proximity to amenities such as transit and grocery stores, key criteria for affordable housing development. The city is selling the sites at below market value, helping non-profit providers scale up and improve operational self-sufficiency.
The sale will be open to more than 60 non-profit affordable housing providers and applicants will be required to meet a specific set of criteria including demonstrated experience in multi-residential development and operating, managing or selling non-market housing.
“A pressing issue facing Calgary’s affordable housing sector is an inadequate supply of housing”, says Sarah Woodgate, director of Calgary Housing and president of Calgary Housing Company. “We’ve received feedback from non-profit providers about the lack of suitable land to build new units and we are excited to offer these development opportunities so the city’s land can be leveraged to build more homes”.
Successful applicants will be eligible to receive funding from the city’s Housing Incentive Program (HIP) and the Canada Mortgage & Housing Corporation’s (CMHC) SEED Funding program.
The HIP program provides grant funding and rebates on city permitting fees for affordable housing projects. CMHC Seed Funding provides financial assistance to support activities that will help facilitate the creation of new affordable housing units and assist existing housing projects to remain viable and affordable.
This initiative is expected to yield up to 350 new affordable homes helping provide safe and stable housing to more Calgarians.