The governments of Canada and Alberta are providing a $20-million fund for an affordable senior housing project in southeast Edmonton through the Investment in Affordable Housing Agreement, according to Canada Mortgage and Housing Corporation (CMHC).
Amarjeet Sohi, minister of Natural Resources, and Christina Gray, minister of Alberta Labour, made the announcement on Wednesday.
The Sakaw Terrace project consists of 158 housing units, of which 70 are lodge units and 88 are affordable senior apartments. Sixty of the 88 apartments will be offered at 15% below market rent, while 49 of the lodge units will be available to low- and moderate-income seniors.
"The opening of Sakaw Terrace brings more affordable housing to southeast Edmonton, allowing independent seniors to remain close to family and friends while participating in the livelihood of their communities,” Sohi said. “Our government remains committed to assisting and investing in our seniors in Alberta and throughout the country."
The City of Edmonton provided $4.2 million for the project and donated the land, which is valued at $2.4 million. The Greater Edmonton Foundation owns the land, as well as the Sakaw Terrace building, and will provide $100,000 in land value and finance the remaining $16-million balance.
"Thoughtful investments by all three levels of government and caring Edmontonians [demonstrate] our collective commitment to seniors in our community," said Karen Lynch, the foundation’s chair.