Over the next 10 years, the province will evaluate which government-owned affordable housing real estate assets it will retain, invest, transfer to a housing provider or sell. The Affordable Housing Asset Management Framework outlines the criteria and process for these decisions. Only unused or underused buildings and properties will be considered for sale, and no one will lose their home in affordable housing because of this process.
“We are committed to helping those most in need by improving and expanding Alberta’s affordable housing system. Every decision about our assets will focus on how to best serve the housing needs of Albertans with low income. By taking a people-first approach, we will protect vulnerable Albertans, get the best value for taxpayer dollars and strengthen the long-term sustainability of the housing system.”
“ASCHA is pleased that the Affordable Housing Asset Management Framework has been released, as the framework offers a path for members to grow affordable housing in Alberta. ASCHA is launching a tool to support members in this journey, and we will focus on ensuring affordable housing is maintained and continues to meet the needs of Albertans.”
“I am incredibly excited to see the work the ministry has done to address the recommendations of the affordable housing strategy in regards to asset management. As a rural housing management body operating a large and diverse portfolio of housing for seniors and families, I appreciate the ability we will have to sit down at the local level with our leaders and community groups and see what opportunities we have to amend our offerings in the way that suits us and our small municipalities best. The flexibility within the pillars provided will serve Albertans very well over the 10-year strategy, as we have the ability to find unique solutions to the vast variety of housing issues our communities face with the province’s support.”
“Silvera is excited about the advancement of the Affordable Housing Asset Management Framework as released by the Government of Alberta. This framework signals the importance of utilizing all tools and resources available to increase affordable housing in our province while encouraging collaboration across all orders of government. Alberta Seniors and Housing staff have worked hard to ensure that this framework reflects the needs of different housing providers and operators across the province, and that it becomes an essential tool for managing assets and affordable housing policy objectives in the years to come. Silvera believes this is a strong step in the right direction and is ready to utilize this framework to advance its ambitious capital plan to grow affordable housing options for seniors in Calgary.”
In implementing the framework, Alberta’s government will consider the local needs of the community, support for tenants, the capacity of housing operators and the development potential of the property.
The Affordable Housing Asset Management Framework focuses on four pillars:
The government may transfer ownership to a local housing provider or municipality. The property will continue to operate as affordable housing for a minimum of 20 years.
The government may sell real estate assets on the open market. It will look for opportunities to unlock the equity in vacant and underused sites to build more affordable housing where it is needed most. All revenue from the sale of assets will be reinvested into building new affordable housing and funding rent assistance. Sales will only be considered if the site is not appropriate or needed for affordable housing.
The government will continue to own assets and operate them as affordable housing in partnership with local housing providers.
The government may expand existing properties and build new affordable housing units. Funding for new projects will be available under the Affordable Housing Partnership Program, which is expected to launch this fall.
For more information, visit alberta.ca/affordable-housing-asset-management-framework.aspx.
The Alberta Social Housing Corporation owns about 3,000 affordable housing assets. Up to 200 of these could be sold over 10 years. The remainder will be transferred, redeveloped or retained.
While the number of properties sold in a given year will increase over time, the government will individually assess each property.
Fewer than five properties will be sold in 2022-23.
Budget 2022 projects $90 million in asset sale proceeds over the next three years, which will be reinvested into the affordable housing system.
The Affordable Housing Asset Management Framework is one of the key elements of Stronger Foundations, the province’s 10-year strategy to enhance and expand the affordable housing system to increase the number of households served by 25,000 – an increase of more than 40 per cent to a total of 82,000 households.
Alberta’s government is currently developing an Affordable Housing Partnership Program to support innovative and sustainable affordable housing solutions for Albertans. The program is expected to launch this fall.