Calgary Housing Company adds affordable housing with purchase in East Village
Today, Calgary Housing Company (CHC) announced the acquisition of East Village Place, a 163-unit residential building located in Calgary’s East Village community.
“This is an exciting addition to CHC’s affordable housing portfolio,” says Councillor Brian Pincott, CHC Board Chair. “This acquisition will secure housing for more than 150 current tenants, secure this building long term for affordable housing and move forward work to secure community space for the residents of the East Village.”
East Village Place will be added to the over 7,000 subsidized and affordable housing units already operated and managed by CHC.
Building operations transitioned to CHC on June 30, 2016, and all current tenants will be maintaining their leases and existing rent levels. With CHC as their property manager, tenants will be able to access resources and supports provided through CHC’s tenant liaison services.
In addition to existing ground floor commercial uses, the ground two floors of the building include significant opportunities for office, meeting and community uses.
CHC and The City of Calgary are working together to develop plans for this space. Community engagement is being planned for this summer to understand the potential needs and priorities for a community space. These efforts have already begun through consultations with various stakeholders including local residents and the East Village Neighbourhood Association.
“With this exciting announcement, we accomplish two objectives,” says Ward 7 Councillor Druh Farrell. “We can now work together on opportunities for community space for East Village residents both long-term and new. The purchase of East Village Place also helps to secure the future of housing diversity in East Village. ”
The building and land are being acquired at a cost of $12 million with funding from The City, the Government of Alberta and CHC. The City’s contribution includes transferring the land, valued at $6.5 million, for the book value of approximately $185,000. The Province is contributing $1.4 million.
In addition, CHC is assuming $8 million in deferred maintenance and renovation costs which will be funded by $8 million from The City’s Corporate Housing reserve.
“Everyone deserves a safe place to call home, whether you’re a senior, child, unemployed or someone living with disabilities,” said Lori Sigurdson, Minister of Seniors and Housing. “That’s why this government is moving Alberta forward by investing in housing and in projects like East Village Place.”