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Municipal and provincial financial support paves the way for new housing project in Lethbridge

Municipal and provincial financial support paves the way for new housing project in Lethbridge

 


Joint funding support from the Province of Alberta and the City of Lethbridge has led to a project that will soon bring 50 new housing units to the city.

In it October 3 meeting, Lethbridge City Council voted in favor of conditionally supporting a $1,295,000 capital funding request for CONCEPT. Investment Partners Ltd. (CIPL) for an affordable housing project located at 1730 10 Avenue South (the former Seasons Lethbridge Retirement Community building).

Edwards Project, which will be the new name of the properties, the project from CIPL will include:

  • Completed property acquisition and renovation/renovation to include a total of 50 units
  • 37 of the units would be considered affordable by the Cities definition (30 per cent or less of provincial income thresholds)
  • Further background on this project is availablehereANDhere

Following an allocation of municipal funds, CIPL was awarded $2,227,500 in funding from the Government of Alberta Affordable Housing Partnership Program (AHPP). Jason Nixon, Alberta Minister of Seniors, Community and Social Services, other details announced on Friday.

“On behalf of Lethbridge City Council, I want to thank Minister Nixon and the provincial government for financially supporting this important project in our community,” says Acting Mayor Mark Campbell. “We know housing is a major topic of concern, so Council is also supporting this project with nearly $1.3 million in capital funding. We often get asked about this building, in particular. Although the City does not own or manage this property, we are delighted to be able to contribute to it being used for a vital purpose moving forward.”

The distribution of the city's capital funds was contingent on securing provincial or federal funding for the project. No operational funding has been requested from the City of Lethbridge.

Following the announcement in July 2023 of the provincial application deadline for AHPP funding, the Cities Community Social Development (CSD) team reached out to 17 local partners to determine which groups were positioned to apply and how they could support Municipality application. The Cities' Affordable and Social Housing Capital Grant (CC49) is closed until a comprehensive review is completed. However, with an opportunity to utilize the provincial AHEC, these funding requests were proposed to support the sustainability of the project.

“The pooling of municipal and provincial funds to support a for-profit organization that engages in social entrepreneurship is a unique way to address a critical issue in our community,” says Matthew Pitcher, the City's Housing Solutions Coordinator. “As the national housing crisis continues, it is through creative efforts and methods like these that positive results will continue to occur.”

“As we embark on this transformative journey with the support of the Government of Alberta and the City of Lethbridge, we are deeply honored to partner with them to address the critical need for affordable housing for seniors in our community,” said Ken Harvie. Managing Partner of CIPL.

“With all 50 units below market rates and 37 meeting the City of Lethbridge's definition of affordable housing, Edwards directly addresses the urgent need for accessible and affordable housing options for seniors in the community. Through collaborative efforts and shared vision , we are confident that together, we will make a difference in the lives of our seniors and contribute to the prosperity of our community for generations to come.”

The total cost of the Edwards project is estimated at $6,250,000, with the balance of the project being funded from other sources (private donations, debt, agency funds, etc.).

The property will be adapted to contain 50 independent living suites, for individuals aged 55+, with bachelor, one-bedroom, one-bedroom-plus and two-bedroom options. A portion of the main floor will be earmarked for a deli/food court to provide service to the 50 suites and the surrounding community, which includes Chinook Regional Hospital.

Sources

1/ https://Google.com/

2/ https://www.lethbridge.ca/news/posts/municipal-and-provincial-financial-support-paves-way-for-new-housing-project-in-lethbridge/

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