TAMRMS#: B06
8.4
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Homeland Housing Supports
Presented by: Lory Scott, Affordable Housing Liaison, Planning and Development
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RECOMMENDED MOTION(S)
recommendation
Whereas Homeland Housing is developing the 22 St. Thomas Street development (the "development");
And whereas the City has contributed $2,645,000 towards the development in the form of a land transfer to Homeland Housing (the "land contribution");
And whereas Homeland Housing has requested additional financial support towards the development;
Be it resolved that the City of St. Albert provide additional funding to Homeland Housing in the amount of $2,190,000 or 12% of the total project value, whichever is less, to be funded from the Stabilization Reserve, subject to the following conditions:
1. Homeland Housing providing copies of all approved funding applications, including the Class B cost estimates confirming capital costs of the development, to the City;
2. Homeland Housing providing confirmation to the City of funding amounts contributed by the Government of Alberta, the Government of Canada, and/or associated funding bodies, which if received will enable the development to proceed; and
3. Homeland Housing entering into a grant funding agreement with the City on typical terms and conditions approved by the CAO.
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PURPOSE OF REPORT
This report provides background information on the funding request made by Homeland Housing on May 14, 2024. The proposed development will include 118 housing units with commercial spaces on the ground floor facing St. Thomas Street. The City's agreement with Homeland Housing requires the units to be affordable for a 30-year term, with a minimum of 55% of the units being maintained as non-market housing to eligible tenants.
BACKGROUND AND DISCUSSION
On May 14, 2024, Standing Committee of the Whole (SCOW) passed motion INC-24-037 directing Administration to prepare options for Homeland Housing supports for Council's consideration. Homel...
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