Edmonton: Thanks to investments from the Governments of Canada and Alberta, 24 affordable rent-to-own homes will soon be available.
Ahmed Hussen, Minister of Housing and Diversity and Inclusion, Randy Boissonnault, Minister of Tourism and Associate Minister of Finance and Member of Parliament for Edmonton Centre, alongside Josephine Pon, Alberta Minister of Seniors and Housing have announced the construction of 24 new affordable rental and rent-to-own units for Paul First Nation members.
Through the Canada-Alberta Bilateral Agreement under the National Housing Strategy, the project received approximately $3 million for construction of the 24 homes. Government of Alberta funding is provided through the Indigenous Housing Capital Program (IHCP), which supports Indigenous governments and communities in building affordable off-reserve, off-settlement, and on-settlement housing.
The project is expected to create about 50 jobs.
Supporting community-driven projects like the rent-to-own initiative undertaken by the Paul First Nation is a key action under Alberta’s Stronger Foundations affordable housing strategy and responds to the recommendations of the 2020 Affordable Housing Review Panel.
The IHCP ensures a flexible, autonomous approach and encourages public and private developers to partner with Indigenous governments and organizations. Government accepts IHCP applications on a continuous basis and are available at alberta.ca/ihcp.
Minister Hussen said: “We are investing in innovative affordable housing projects like this because it creates healthier and more vibrant communities. This is one of the ways our government’s National Housing Strategy continues to ensure no one is left behind.”
Randy Boissonnault, Minister of Tourism and Associate Minister of Finance and Member of Parliament for Edmonton Centre, said::“Our government is committed to supporting affordable housing projects in partnership with Indigenous communities across our province. From rapid housing initiatives, to rent-to-own programs like this announcement with Paul Band First Nation, we are using a whole of government approach to increase access to safe and affordable housing.”
Josephine Pon, Minister of Seniors and Housing, said: “For the first time, a housing project funded through our Indigenous Housing Capital Program offers tenants a rent-to-own option. The Paul First Nation project reflects the flexibility of this program, and we are proud to support this new housing and the promise to make home ownership a reality for some Paul Band members.”
Rick Wilson, Minister of Indigenous Relations, added: “The availability of affordable, accessible off-reserve housing is important. These 24 units supported by IHCP for Paul First Nation provide equitable access, and necessary supports in urban areas .”
• The governments of Alberta and Canada will provide joint funding of $3 million under the National Housing Strategy’s bilateral agreement.
• Paul First Nation is working with CMHC to secure up to $4.5 million through the National Housing Co-Investment Fund for the project and $250,000 in Seed funding.
• The City of Edmonton is providing a $1.5 million grant.
• The Paul Band Property Management Corporation will contribute a minimum of $685,000, about 10 per cent of the total project cost, to cover its contribution toward the total capital costs.
