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Budget 2003 Affordable housing receives $15 million in new funding for 2003-04 |
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Edmonton … An additional $15 million in new provincial funding is being made available through Budget 2003 to foster the development of affordable housing in Alberta.
The funding, which will be allocated through the Affordable Housing Partnership Initiative (AHPI) and the Sustainable Remote Housing Initiative (SRHI) for the 2003-2004 fiscal year, is in addition to the $8.5 million provided in February.
“This is the second installment in our contribution towards a five-year initiative directed at relieving affordable housing pressures for low-income households in high-growth and high-need communities across the province,” said Stan Woloshyn, Minister of Seniors with responsibility for housing.
An additional $20.5 million contribution made by the Canada Mortgage and Housing Corporation (CMHC) brings total funding for the initiative to $35 million for the 2003-04 fiscal year. This amount will be further enhanced through contributions from other partners including municipalities, local community housing authorities, non-profit organizations and private sector companies.
“With this funding now in place, all interested municipal, non-profit, local community and private sector organizations are encouraged to review their affordable housing needs in their communities and to submit proposals,” said Woloshyn. Funding for projects will be allocated project-by-project based upon greatest demonstrated need, financial viability, and sustainability without ongoing subsidies, project design and location. Approved housing projects must remain affordable for at least 20 years.
In 2002-2003, $33 million in government and leveraged funding have launched eight projects and the construction of over 420 affordable housing units in Calgary, Edmonton, Fort McMurray, Red Deer and Grande Prairie as well as northern remote communities, including the Regional Municipality of Wood Buffalo.
AHPI and SRHI were announced as part of the Canada-Alberta Affordable Housing Program Agreement signed last June between Alberta Seniors and Canada Mortgage and Housing Corporation (CMHC). The five-year program gives Alberta access to $67 million in federal funding, provided the province matches the amount.
For more details on the AHPI and SRHI, visit the Alberta Seniors Web Site at www.seniors.gov.ab.ca.
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