November 6, 2023
Through its latest affordable housing investment, the City of Edmonton is working with the private sector to address one of the city’s greatest challenges.
Mayor Sohi joined Beljan Developments at Williams Hall Monday to mark the City’s recent $6.5 million investment in the redevelopment of the former YMCA building downtown. This is the first time the development company has partnered with the City to develop housing that will be rented at below-market rates to people struggling with housing costs.
“There is a critical shortage of housing options for Edmontonians who cannot afford current rents. We need a diversity of housing options, from the deep subsidies for people on income support to rentals that offer a bit of break. The City can’t do it alone—we need participation from all levels of government as well as our partners in the private sector. That’s why I’m thrilled to see housing providers and developers step forward to be part of the solution,” said Mayor Sohi.
“Developers have a unique position not only to serve the market but also the community," said Ivan Beljan, CEO of Beljan Development. "I always look at projects in terms of impact. Affordable housing presents a huge opportunity for the private sector to provide needed housing and to explore how these types of projects can positively impact the overall livability of the city.”
Executive Committee approved a total of $16.7 million in grant funding last week for Williams Hall—which will offer 90 apartments at a maximum of 80 per cent market rent to low-income young adults entering the rental market—as well as two other projects that will address the unique needs of Edmonton's diverse population.
Leston Holdings will receive $9 million toward the construction of a new mixed-market apartment complex in the Edgemont neighborhood in the city's southwest. It will include 67 deeply subsidized apartments rented to individuals and families at 50 per cent of market rent, as well as 83 units rented at 79 per cent of market rent.
Jasper Place Wellness Centre, a non-profit organization serving Edmonton’s west end for many years, will receive $1.15 million to help build three 12-unit buildings in the Glenwood and Spruce Avenue neighborhoods in response to a critical gap in Edmonton’s housing supply: transitional housing for people discharged from Edmonton hospitals without a permanent home to return to.
The Affordable Housing Investment Program provides grants of up to 25 per cent of capital costs for new or rehabilitated long-term affordable housing. It is the cornerstone of the City’s plan for increasing the supply of affordable housing. The City has invested $150 million to help create 3,083 units of affordable housing, including 680 units of supportive housing, since 2019. Every dollar the City invests attracts another four dollars from other levels of government and affordable housing developers.
Quick Facts
- Applications for the next round of grants open on January 22, 2024. Learn more at edmonton.ca/affordablehousinginvestment
- Grant recipients from the Indigenous Housing funding stream will go to Council for consideration in early 2024.
- Affordable housing is rented at below-market rates; subsidy levels can range from rent-geared-to-income to 50 per cent market rent to 90 per cent market rent. Supportive housing is subsidized housing combined with on-site support services.
- November is Housing Month in Edmonton. Visit housingmonth.ca to learn more.
