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The Fixed Rate Rental Supplement Pilot Project is one of several initiatives developed to implement Cornerstones, Edmonton's Plan for Affordable Housing 2006 - 2011. The Cornerstones Plan demonstrates the City of Edmonton's commitment to fulfilling its part to help create more affordable housing in Edmonton.

This Pilot Project will improve housing affordability for low-income households in up to 400 existing private rental housing units in Edmonton for the next five years. The Project will meet a major objective of Council's Cornerstones Plan to increase the affordable housing supply in Edmonton by 2,500 units over the next five years in partnership with other orders of government, industry and the community.

This Project will meet a major first-year objective of Edmonton City Council's Cornerstones Plan to increase the affordable housing supply in Edmonton by 2,500 units over the next five years in partnership with other orders of government, industry and the community.

Program Criteria:

• Under the Pilot Project, the funds will be used to reduce rents by an average of $200 per unit per month in up to 400 existing privately-owned rental units in Edmonton. The Project will increase affordability to households having affordability problems (paying more than 30% of income on rent), earning less than median incomes and being capable of independent living without a need for support services.
• Under the Grant Funding Agreement with the Province, the City of Edmonton will ensure that the first source of tenants for approved units is the Capital Region Housing Corporation applications wait list. In the absence of tenants from that wait list, the Capital Region Housing Corporation would arrange for tenants who would qualify for placement on that wait list. Funding provided to for-profit and not-for-profit landlords under the pilot will be administered through an agreement between the City of Edmonton and the Capital Region Housing Corporation.
• Boardwalk Rental Communities (BRC) - the first major landlord partner under the Pilot Project - has agreed to provide up to 200 units of BRC owned and managed rental stock in Edmonton based on the Canada Mortgage and Housing Corporation average market rent adjusted annually less the fixed rate rent supplement.<\li>
• All landlords participating in the project must enter into legal agreements with the Capital Region Housing Corporation
• Designated units under the Pilot Project will comprise a minority of the total number of rental units in any particular building to encourage the integration of subsidized units into the community.

Funding for the Project:
The Project will receive a total of $5 million to be utilized over 5 years.

• The City of Edmonton, Province of Alberta and Government of Canada through the Canada Mortgage and Housing Corporation have developed a proposal to cost-share on a 50/25/25 basis a Fixed-Rate Rent Supplement Pilot Project over the next five years.
• The Province and Federal government's share of the $5 million Pilot Project is to be funded through a $2.5 million grant to the City under the Federal/Provincial Affordable Housing Program. The City of Edmonton's $2.5 million share is to be funded under the Edmonton Cornerstones Plan.

First Landlord Project Partner:

• Boardwalk Rental Communities (BRC) -- has agreed to provide 200 or more units of BRC rental stock in Edmonton based on the Canada Mortgage and Housing Corporation average market rent adjusted annually less the fixed rate rent supplement.