CMHC-backed affordable housing project launched in Calgary

Rents at the Pineridge development will be at least 10 per cent below market rates for the area

Construction has started on new project by Horizon Housing that will add 65 new homes to Calgary’s northeast community of Pineridge.

The project is receiving financing of just over $15 million dollars through Canada Mortgage and Housing Corporation’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by the agency that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

In a news release, officials said rents at the Pineridge development will be at least 10 per cent below market rates for the area. At least 13 units will maintain rents at or below 70 per cent of 30 percent of the median household income in Calgary for a minimum of 21 years. Over 15 per cent of the homes are accessible, adaptable or universally designed.

“Current events remind us that nothing is more important than a home. Canada’s middle class and those looking to join them will benefit from the construction of new rental housing. Through new investments, like Pineridge by Horizon Housing, we are taking action to increase the supply of new rental developments, providing housing options that are closer to jobs, services and amenities that families in Calgary need,” said Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the CMHC.

“A life of dignity and opportunity starts with having a safe and reliable place to call home. As we continue to make progress towards meeting our affordable housing goals in Calgary, I want to thank Horizon Housing for being a partner in making that happen. The global pandemic has made this need all the more obvious, and this is a moment to celebrate,” said Calgary Mayor Naheed Nenshi.

“Over the past seven months, we’ve seen just how critical housing is to the wellbeing of people in general, vulnerable people in particular. Thanks to the investment of CMHC and the City of Calgary, we are excited to get started on quality homes that will offer more sustainable and affordable options for Calgarians of all ages and life circumstances, ” said Martina Jileckova, CEO of Horizon Housing.

 

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