Ensuring all Edmontonians have an affordable place to live is an important part of building our city. A sufficient supply of safe, adequate and affordable housing is fundamental to the physical, economic and social well-being of individuals, families and communities.
What is affordable housing?
Broadly speaking, affordable housing is rental or ownership housing that requires government money, in large or small part, to build and/or operate. Affordable housing has rents or payments below average market cost, and is targeted to people from a variety of demographic groups and occupations who make below the median household income and cannot afford market prices.
Why is affordable housing needed?
It’s estimated that approximately 47,000 renter households in Edmonton spend between 30 and 50 per cent of their household income on shelter costs. This is unaffordable for a lot of people earning an average wage, including restaurant servers, retail clerks, hair stylists, and people on fixed incomes like veterans, seniors and persons with disabilities.
This housing project presents an opportunity for the Ogilvie community to provide an affordable place to live for their fellow Edmontonians, including existing Ogilvie residents, and welcome new neighbours into the community.
What are the benefits?
Access to safe, adequate and affordable housing is required for a stable and independent life, including finding and retaining employment and connecting with wider communities of interest. It has also been identified as a key pathway out of poverty.
Beyond the major benefits to the people who require affordable housing, these types of housing projects also provide direct and indirect benefits to the local community and economy. Having a diverse range of housing types, including affordable housing, brings new residents to neighbourhoods which increases the sustainability of schools and contributes to the stability, livability and resilience of the community. Households who benefit from affordable housing also have more disposable income to support local retailers and engage with community organizations.
Further, the construction and management of such housing projects supports employment opportunities in the sector and stimulates related industries, and encourages a healthy labour market by attracting new workers to the city.