Every Canadian deserves a safe and affordable place to call home. That is why, in May 2018, the Government launched the National Housing Co-Investment Fund (NHCF), the largest program of its kind in Canadian history.
Today in Calgary, the Honourable Kent Hehr, Member of Parliament for Calgary Centre, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced a federal government financial commitment of $9.77 million for the construction of the Downtown 5th Avenue affordable rental apartment building in the heart of Calgary.
Thanks to this commitment by the NHCF, a pillar initiative of the National Housing Strategy (NHS), and to the investments of other partners, notably the City of Calgary as well as local philanthropists David and Leslie Bissett through the RESOLVE Campaign and the Calgary Homeless Foundation, this project by HomeSpace Society will provide 74 units of affordable housing to individuals who are homeless or at risk of becoming homeless.
HomeSpace is a charitable real estate developer, rental housing owner and property manager. HomeSpace exists to increase access to safe, appropriate and affordable housing for vulnerable Calgarians. With a portfolio of more than 520 units of housing in 25 properties throughout Calgary, they work with 16 social service agencies who provide wrap around supports to their residents.
The development was made possible through The City’s non-profit land sale program targeted at helping non-profit housing providers develop capacity and leverage additional funding. This site, at a discount valued at $3.8 million, is one of six initial properties sold through the program, which all together will provide an additional 160 units committed to affordable housing for 40 years.
“How can you build a life if you don’t have a home? In short, you can’t. Our Government is dedicated to helping those in need, which is why we are proud to be investing in this project with HomeSpace. This project will be more than just affordable housing for Calgarians, it is the key to a better life for the individuals who will come here.”
“Through the Government of Canada, City of Calgary and the RESOLVE Campaign, this build will be our largest affordable housing development to date. As a non-market housing developer and property manager, our strong partnerships are critical for the work we do in adding affordable housing stock to our city and providing homes and dignity to Calgary's most vulnerable people.”
“The City of Calgary is committed to delivering new Affordable Housing throughout the city. We’re proud to partner with HomeSpace, the Government of Canada, the RESOLVE campaign, and private donors on this project. Our non-profit land sales program helps housing providers invest more in creating new units, and meets The City’s goal of delivering safe, stable housing for Calgarians of all income levels.”
- With its’ new building, HomeSpace Society aims to achieve energy savings and a reduction in greenhouse gas emissions of 41% compared to the NECB 2015.
- The building will have a universal design and 16 of of the 74 units will be accessible.
- At 65% of the median market rent in the area or less, all 74 units will be affordable.
- With a budget of $13.2 billion, NHCF gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous peoples, people with disabilities, those dealing with mental health and addictions, Veterans and young adults.
- Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes over the next 10 years.
- Investments are also planned in the NHCF to create or repair at least 4,000 shelter spaces for victims of family violence and create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Information on this release:
Office of the Minister of Families, Children and Social Development
Canada Mortgage and Housing Corporation