Much-needed hous­ing o ers some hope

Mixed-in­come project will be 240-units in Kilkenny

Metro Canada (Edmonton) - - Special Report: Edmonton Now - Krista Sylvester

As the de­mand for af­ford­able hous­ing con­tin­ues to surge, there is at least some hope on the hori­zon in the form of a new mixed-in­come hous­ing project fea­tur­ing a new rev­enue model.

The $72 mil­lion Lon­don­derry af­ford­able hous­ing devel­op­ment will be break­ing ground soon and is set to re­place an 80-unit af­ford­able hous­ing unit with a 240unit project in the com­mu­nity of Kilkenny, ac­cord­ing to Cap­i­tal Re­gion Hous­ing Cor­po­ra­tion (CRHC) CEO Greg Dewl­ing.

“This is a mixed-in­come project where fam­i­lies can place some roots and grow and not worry about hav­ing to move when their eco­nomic sit­u­a­tion changes,” he says, adding this new rev­enue model will tar­get three ar­eas.

“Firstly, we are tar­get­ing truly low in­come and find­ing mixed-use for fam­i­lies to move in and grow. Sec­ond, we are fo­cus­ing on help­ing fam­i­lies still in need but a lit­tle higher in­come than sub­si­dized hous­ing. Thirdly, there are higher in­come fam­i­lies that still qual­ify but spend too much on hous­ing.”

While the devel­op­ment will help ease some of the bur­den on the bleak af­ford­able hous­ing mar­ket, many more like it will be needed to re­ally make a dent in the de­mand. Cur­rent so­cial hous­ing is 30 or 40 years old and in many cases, are more cost ef­fec­tive to re­build than ren­o­vate.

“We’ve cer­tainly seen an in­crease in de­mand over the last num­ber of years; how­ever, there are chal­lenges to keep­ing up with that de­mand and the de­mand con­tin­ues to grow.”

In fact, the CHRC re­ceives over 300 ap­pli­ca­tions every month and with their cur­rent hous­ing port­fo­lio they are only able to place about 50 fam­i­lies a month, leav­ing about 250 on the monthly wait­ing list that con­tin­ues to grow.

To ad­dress grow­ing wait­lists, the CRHC also plans to turn to pri­vate-sec­tor joint ven­tures, which will help get peo­ple into the 80 per cent mar­ket value sub­sidy hous­ing.

CON­TRIB­UTED

The Lon­don­derry devel­op­ment will help ease some of the bur­den on the bleak a ord­able hous­ing mar­ket.

CON­TRIB­UTED

The $72 mil­lion Lon­don­derry a ord­able hous­ing devel­op­ment will be break­ing ground soon.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.