CALGARY – On April 23 HomeSpace, the Canada Mortgage and Housing Corporation and The City of Calgary announced funding for the development of a new affordable housing development in downtown Calgary.
The new development will provide 74 homes for Calgarians in core housing need. This development is one of six made possible by The City of Calgary’s non-profit land sale program. Through the sale of land at a discount, The city helps support non-profit developers to leverage additional funding from other sources. In this case, The city’s investment of $3.8 million in land value leveraged an additional $17 million in outside funding, including federal contribution and private donations.
Over all six sites, the land sale program will generate an additional 160 units committed to affordable housing for 40 years. Of these, more than 80 will target vulnerable populations like chronic homeless and homeless veterans.