City commits funding to affordable housing project
By Al Beeber - Lethbridge Herald on December 15, 2022.
LETHBRIDGE HERALDabeeber@lethbridgeherald.com
Lethbridge city council on Tuesday unanimously voted to allocate $1.5 million from the Affordable and Social Housing Capital Grant to the Aboriginal Housing Society for construction of the Legacy Ridge Housing Project.
The funding is subject to the execution of a third party contribution agreement in a form satisfactory to the city manager.
A report to council submitted by Community Social Development manager Takara Motz says in April the Aboriginal Housing Society was awarded $300,000 by city administration for funding from the ASHCG for development of the project. In October, the AHS requested another $1.5 million bringing the total amount of funding from the ASHCG to $1.8 million. Community Social Development reviewed the application and found that 66 units meet the definition of affordable in alignment with provincial thresholds.
Conditional funding has been secured by AHS from the Canadian Mortgage and Housing Corporation contingent upon securing significant funding from another organization before Dec. 31.
The report states CMHC is aware of the application and the approval of the funding would satisfy the co-investment requirement which would allow the project – valued at more than $40 million – to proceed.
The project, to be located at 2901 Stafford Drive North, will encompass 132 apartment units of mixed sizes with outdoor space and a community cultural centre for urban Indigenous people looking for accessible, safe and affordable housing in a community setting.
Rental rates will all be below current market rents in the city.
Motz’ report says that $6,871,532 of capital funding is available for projects intended to increase available units of affordable and social housing in the city. The funding consists of $1,871,532 within the Affordable Housing Fund and $5 million from the 2022-31 CIP D-32 Affordable Housing Project. With the AHF fully committed, that leaves unallocated funding of $5 million from the D-32 2022-2031 CIP project.
The Legacy Ridge project falls within available financial resources, says the report, with the $1.5 million request being committed against the CIP project.
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12-11
Another $1.5 Million of taxpayer dollars! Why is it incumbent on the embattled Lethbridge taxpayer to provide free housing specifically for indigenous ? Enough already!