The province is providing $49.5 million in capital funding for the initiative, partnering with the Capital Region Housing Corporation and the City of Edmonton.
“I am proud of our government’s support for this important project. By putting people first, we are helping families stay in their communities, close to loved ones. Londonderry will be a model for building sustainable, accessible housing in Edmonton for many years to come.”
The housing project will replace an aging 80-unit complex in northeast Edmonton with a new, modern building. The 240-unit redevelopment features one- to five-bedroom homes and facilities for community organizations.
“The City of Edmonton is committed to ensuring neighbourhoods have a range of housing choices, including affordable housing, to build diverse, inclusive and complete communities that serve the needs of all Edmontonians. Through this innovative partnership, we are demonstrating that investments in housing can be a key part of achieving a healthy and vibrant city.’’
The facility will use an innovative mixed-income model that bases rent on household income. Rent can be adjusted over time as incomes change. This flexible model allows tenants to seek higher-paying jobs without fear of losing their home.
“Londonderry will be home to 240 families. Home despite changes to their financial situation; home to the relationships they have built; home to the schools their children attend; home to services they and the community will need. We are pleased to partner with the Government of Alberta, the community and the City of Edmonton on this innovative project.”
The total cost of the development is $70 million and Capital Region Housing will finance the remaining $20.5 million cost. Construction is expected to be completed by fall 2021.