Prime development opportunity in Cochrane, AB

Interested applicants must demonstrate in their response to this Request for Expression of Interest how they will meet or exceed the following minimum requirements:

1. Minimum units

• Proponents must seek to create an affordable housing development that includes a minimum of 30 units at the site.

2. Affordability

• Rents for at least 30% of the units must be less than 80% of the median market rent, for a minimum of 25 years.
• Median Market Rent (MMR) means the median market rent for the regional market and unit type of the project as described in CMHC’s rental market survey or any successor publication published from time to time.
• In planning the affordability component of their project, proponents must ensure rents for affordable units are less than 80% of the median market rents as outlined below:
  • Bachelor: $1,375
  • 1 Bedroom: $1,550
  • 2 Bedroom: $1,845
  • 3 Bedroom: $2,100

3. Accessibility

• Proponents must demonstrate that their projects are designed to meet or exceed one of the following options:
• Option 1: At least 20% of units must meet accessibility standards outlined in CSA B651:23/652:23 OR achieve Rick Hansen Foundation GOLD Accessibility Certification (a rating score of 5 points for feature 9.11.1 is required), and all common areas must be barrier-free.
• Option 2: The entire project, including common areas and dwelling units, must follow full universal design standards.

4. Energy efficiency

• New projects are required to achieve either Tier 2 of the 2020 National Energy Code for Buildings (NECB) or Tier 3 of the 2020 National Building Code (NBC).

5. Experience

• Proponents must possess a minimum of 5 years of experience in construction and property management of projects of similar size and scope as that being proposed. This experience may be obtained directly or through partnerships with qualified third parties.

6. Financial viability

• Proponents must demonstrate that the residential project will meet a minimum debt coverage ratio of 1.10, and present a comprehensive, well‑defined plan for securing and managing both construction and operational funding.

Submission requirement:

In your response to the competition, you need to demonstrate how you will meet or exceed minimum requirements.

The Federal Lands Initiative is launching a competitive process to identify a proponent that will acquire the subject property and develop an affordable housing project comprising at least 30 residential units that will meet or exceed specified minimum criteria. The property will be offered for a transfer at a nominal cost ($1 CAD).

You need to clearly outline the outcomes you commit to achieving and provide detailed supporting documentation. To be considered, the Federal Lands Initiative requires a completed application along with all mandatory documentation.

The Federal Lands Initiative is open, but not limited, to the following groups:

• Community housing organizations
• Non-profit organizations or registered charities
• Co-operative housing organizations
• Municipal, provincial and territorial governments and their agencies
• Indigenous governments and organizations, including tribal councils
• Non-profit organizations focused on seniors