While construction costs are down, the provincial government plans to build up low-income families by supporting the affordable housing initiative.
The province announced its support for affordable housing units in Edmonton at Capital Region Housing yesterday.
To develop affordable rental units, the Alberta government has contributed $6.4 million to three community partners, Capital Region Housing Corporation, Five Oaks Inc., and Native Counselling Services of Alberta. The move creates 62 affordable rental units in the city.
“The next boom that we may have may be sooner to us than we actually think,” said Jonathan Denis, minister of Housing and Urban Affairs. “And it is important because when we have construction costs that are low, and construction costs that are reasonable, that we take advantage and seize the day now.
“We can spread taxpayer dollars further by actually constructing and engaging in these affordable housing projects now for when the boom hits whenever it does.”
More than 6,000 affordable housing units have been supported in the first two years of this initiative, and Alberta is on its way to reaching the 11,000 affordable housing unit goal by 2012.
