
The City of Calgary has launched the Housing Capital Initiative (HCI), providing $60 million in funding over three years to support the development of affordable rental housing. This program is open for applications from charities, non-profit organizations, and Indigenous groups until October 10, 2024. The HCI will cover up to 30% of the costs for new construction or the acquisition of existing properties.
Mayor Jyoti Gondek announced the initiative at City Hall, emphasizing its role in accelerating affordable housing projects and encouraging other levels of government to contribute. Priority will be given to projects that offer lower rents, longer affordability commitments, and quicker delivery. Projects must maintain below-market rents for at least 20 years. The HCI is part of Calgary’s “Home is Here” strategy, which aims to address housing affordability issues identified in the city’s Housing Needs Assessment report from fall 2023. The report highlighted that one in five households in Calgary faced affordability challenges in 2021, with about 84,600 households spending more than 30% of their income on housing.
The initiative responds to Calgary’s rapid population growth, with the city adding over 200 new residents daily and expecting 110,000 more over the next four years. Amanda Szpecht, acting manager of housing solutions, noted that the HCI aligns with the city’s definition of affordable housing, targeting rent rates around $1,600 per household. The city has also reached out to provincial partners to potentially combine HCI funding with other programs. If the initial funding round is successful, additional funding opportunities may follow. Two information sessions will be held on July 30 and September 5 for potential applicants.
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