Calgary launches new housing initiative aimed to boost affordable rentals
Posted Jul 18, 2024 6:47 pm.
Last Updated Jul 18, 2024 7:01 pm.
The city is doling out cash and providing some seed money for non-profits who want to build more affordable housing in the city.
In a Thursday announcement, the city said it will be allocating $60 million over the next three years to the new Housing Capital Initiative .
Mayor Jyoti Gondek says funds will allow for charities, non-profits and Indigenous organizations to build or acquire affordable housing projects while leveraging funding from the province and federal governments.
“You may ask why we have done this when housing remains largely a provincial and federal responsibility, we did it because we are the government that is closest to the people,” she says.
“We see what happens every day when people are without a home, and we simply will not let people suffer like this.”
READ MORE: How much do you need to make to buy a home in Calgary?
Organizations can recieve up to 30 per cent of the projects total value through the program. In order to qualify, they must commit to keeping rents below market value for at least 20 years.
The city is accepting applications from non- profits and Indigenous organizations until Oct. 10.
The initiative is one of 98 actions of the city’s housing strategy.
