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Edmonton puts $16.7 million into affordable housing investment

DCN-JOC News Services
Edmonton puts $16.7 million into affordable housing investment

EDMONTON – The City of Edmonton is investing $16.7 million for 276 units of affordable and supportive housing, including redevelopment of a historic downtown building.

The funding will help cover construction costs for apartments rented below-market to youth, people with disabilities, Indigenous people and people experiencing homelessness who have recently been discharged from hospital. One of the grant recipients will lead the renewal of the former Downtown YMCA, a city release stated.

“I’m proud to mark the beginning of Housing Month in Edmonton with another step toward addressing houselessness and housing needs in our city. We continue to see our housing partners stepping up with thoughtful and well-designed developments that will meet the needs of Edmontonians most affected by a shortage of safe, adequate and affordable housing,” Edmonton Mayor Amarjeet Sohi said in the release.

The $16.7 million is in the form of housing grants through the Affordable Housing Investment Program which provides grants of up to 25 per cent of capital costs for new or rehabilitated long-term affordable housing. Every dollar the City of Edmonton invests attracts another four dollars from other levels of government and affordable housing developers, the release said.

Applications for the next round of grants opens on Jan. 22, 2024 and recipients from the Indigenous Housing funding stream will go to council for consideration in early 2024. 

More information is available here.

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