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.
