TAMRMS#: B06
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Affordable Housing Grant Funding Reallocation
Presented by: Lory Scott, Affordable Housing Liasion
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RECOMMENDATION(S)
recommendation
That $105,264 from the Affordable Housing Grant funding be reallocated to the Rental Assistance Program, including all remaining interest and any related reimbursements due to the original program funds.
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PURPOSE OF REPORT
The purpose of this report is to obtain Council direction for the reallocation of the remaining provincial affordable housing funding allocated to the City between 2007 and 2010.
COUNCIL DIRECTION
Between the years of 2007 - 2012 Council passed a number of motions related to the allocation of the provincial affordable housing grant funding; see the attachment entitled “Affordable Housing Grant Funding Motions”.
BACKGROUND AND DISCUSSION
The City received $5,419,207 towards affordable housing initiatives from the Province of Alberta between the years of 2007 and 2010 to address the lack of affordable housing options in St. Albert. This funding was utilized to directly support the development of 129 affordable housing units, and to provide temporary rental assistance subsidies to 342 households through the Rental Assistance Program (RAP). The Provincial funding was a fixed amount that ended after 2010. The city is looking at a funding shortfall as soon as 2018 for the Rental Assistance Program.
In addition to the provincial funding described above, the Sturgeon Foundation received $15.9 million from the Province to develop 90 affordable seniors housing units at North Ridge Place, in two phases. Another $6.8 million was contributed by the Province towards 78 affordable housing units in Big Lake Pointe, a joint project between the St. Albert Housing Society and Big Point Developments. The land for this project was purchased by the City through municipal contributions and use of the City’s provincial affordable housing funding. The value of the City’s investment was t...
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