City of Calgary launches the Housing Capital Initiative The City of Calgary is pleased to announce the launch of the Housing Capital Initiative, a $60 million program that is designed to provide financial support to housing partners to leverage City funds and deliver more affordable homes to Calgarians.
The Housing Capital Initiative is part of The City’s Housing Strategy and supports the first outcome of increasing the supply of housing to meet demand and increase affordability. The focus of this program is homes for Calgarians. Our municipal dollars will be a critical contribution and first in supporting our providers in leveraging funding from other levels of government.
“In the midst of a housing crisis, Calgary needs to continue to remove barriers to build new non-market affordable housing. Council has taken action to contribute financially to new homes, a strategic move designed to leverage funding from our provincial and federal partners for these local projects.” says Mayor Gondek. This funding, which will be distributed over the next three years, is part of The City’s ongoing commitment to address the housing shortage that Calgary is experiencing. It is expected that housing partners will leverage the $60 million City investment to acquire at least $140 million from other levels of government and/or other sources of funding.
“The Housing Capital Initiative will provide financial support to housing partners in Calgary to leverage funding from programs delivered by other levels of government, public foundations, philanthropic donors and private industry, with the primary goal of increasing non-market housing supply and getting much needed homes for Calgarians.” says Amanda Szpecht, Acting Manager of Housing Solutions at The City. Calgarians can learn more at calgary.ca/hci