Latest multi-million federal tranche will go towards the development of a new residential complex
A new $3.5 million federal investment will go towards the development of a 72-unit residential complex at the Currie neighbourhood of Calgary.
The funding, which is intended for the purchase and development of two vacant lots in the area, is a component of the federal government’s assistance to Horizon Housing. The sum is to be coursed through the Federal Lands Initiative, a $200 million fund that supports the transfer of surplus federal lands and buildings to be used as affordable housing.
“The National Housing Strategy continues to ensure more adequate and affordable housing for Canadians. The Federal Lands Initiative repurposes land that previously served Canadians by building housing that meets the needs of communities like Currie in Calgary,” said Ahmed Hussen, Minister of Housing and Diversity and Inclusion.
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As part of the National Housing Strategy, the FLI is delivered by the Canada Mortgage and Housing Corporation, Public Service and Procurement Canada (PSPC), Employment and Social Development Canada (ESDC), and Canada Lands Company.
At least 30% of the units to be developed are required to have rent rates lower than 80% of local median market rents for a minimum of 25 years, CMHC said.
“We are honoured to have been selected for this important investment in the ambitions of the National Housing Strategy. We look forward to bringing our focus on providing affordable homes as a foundation for tomorrow to the vibrant new community of Currie,” said Martina Jileckova, CEO of Horizon Housing.
