City to add 480 new homes in two years as part of new housing initiative
The city has announced seven housing providers that have been selected as the first funding recipients of the Housing Capital Initiative (HCI).
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With an estimated investment of $30.7 million from the grant, the builders will deliver approximately 480 non-market homes, the majority of which are promised to finish construction within two years.
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The housing initiative holds $60 million in funding and was approved by city council as part of the November 2023 budget to increase the supply of affordable non-market housing.
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Calgary Heritage Housing has promised to build 199 units of housing, with building to get 'underway shortly,' according to Reid Hendry, the city's chief housing officer.
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'There aren't just numbers or statistics. These are homes. These are places Calgarians will be able to put down roots, raise their kids, build a future,' said Mayor Jyoti Gondek. 'They represent stability, opportunity and dignity.'
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The city had received 13 applications and selected builders who could best prove that 'they can deliver these affordable homes quickly,' according to Hendry.
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Construction on four of the seven projects is already underway, with 141 homes scheduled to be available by the end of the year, he added.
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The new homes will be available to all demographics, including seniors, women, families, single parents and Indigenous families, at rents below rates for a minimum of 30 years — 'in some cases 40 plus years,' Hendry said.
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The infusion from HCI will allow Attainable Homes, one of the housing providers selected within the initiative to rent homes to Calgarians earning up to $44,000 without any operating subsidy, said Jaydan Tait, company president and CEO.
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The promised 84 units of housing, constructed as modular housing, will be completed in 69 days, he added, with plans to ship and stack the housing in July and have them ready for residents to move into by August.
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'Access to sufficient money is often the biggest challenge in creating affordable housing, and given construction costs have soared since the pandemic,' he said, pointing to initiatives like the HCI as critical to speed up construction and availability of affordable housing for Calgarians in need.
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