This program differs from Build New Affordable Housing Projects in that existing housing is bought (and renovated, if necessary) to provide long-term affordable housing units. This may include the purchase of existing non-residential structures intended for conversion to residential units.
Funding advancements will be determined upon discussions between the Proponent and the City.
Incorporated non-profit or for-profit organization with the following attributes:
- Commitment to the purpose of the program
- Expertise to undertake the proposed housing project
- Managerial competence for the long term
- Financial soundness in current operations
- Located within the boundaries of the city of Edmonton
- Affordable housing units must be fully self-contained suites (which require no ongoing housing operating subsidies from the government)
- Project must consist of a minimum of 5 housing units
- Appropriate zoning must be in place
- Proposed rent of affordable housing units must not exceed 85% of average market rents for the unit type, as published by CMHC (Canada Mortgage and Housing Corporation)
The affordable housing units must be occupied by tenants:
- With an annual household income that falls below the median income for their household size in Edmonton
- Who pay in excess of 30% of their total household income on housing at the time of application
- Who are capable of independent living without in-situ support services
The Application Process
The application will go through several stages which the Housing Section can elaborate on once the initial contact is made with the Proponent.
- Pre-Application (initial discussions to determine suitability of project)
- Application and Evaluation
- Agreement Processing (the Funding Agreement, or contract)
- Payment Processing
When a project is completed and in operation, it is monitored for the term of the Funding Agreement (typically for 20 years).
Specific terms and conditions for the ongoing monitoring of the project will be documented in the Funding Agreement to ensure it is meeting the intended objectives of the Cornerstones program.
Details on the program and application process can be obtained from the Housing Section.