City and federal government launch $2M affordable housing grant to preserve older buildings

The City of Edmonton and federal government have launched the Rental Protection Program, a joint $2-million grant aimed at preserving aging rental buildings and keeping units affordable as the city loses low-income housing stock.

Non-profits can apply for grants up to $20,000 or 10 per cent of a property's purchase price, plus up to 25 per cent of rehabilitation costs. Buildings must have at least 30 per cent affordable units to qualify. Applicants must also close the sale within 12 months and demonstrate at least three years of financial stability. The grant can be combined with other affordable housing initiatives, including the Indigenous Housing Capital Program, the Federal Canada Rental Protection Fund, and the Provincial Affordable Housing Partnership Program.

The program was announced Wednesday, August 19, at GEF Teglar Manor, formerly Grandin Tower, which the Greater Edmonton Foundation took over a year ago. Tenants said they've noticed marked improvements under the new management. "We're living a good life here," renter Jan Cooper said. "We feel so much more secure. It just makes you go to bed at night and you know you're in a building that is safe. We are a real community and that makes a difference."

Greater Edmonton Foundation vice-president of housing and client services Shanika Donalds said the grant program will help the organization continue providing affordable homes. The average age of GEF's buildings is between 35 to 40 years old, and access to renovation funds would help extend the life of existing affordable housing units. "This is another lever we will have to pull in the system to ensure we are able to keep the existing housing stock," she said.

Civida, an affordable housing provider, has a waiting list of 10,000 families. CEO Bree Claude said the fund will protect naturally occurring affordable housing from market pressure and redevelopment. "Naturally occurring affordable housing that would be redeveloped and prices would increase because the market would allow for that," she said. "This program will help protect that housing and keep it affordable in perpetuity. It will offer the opportunity to not only acquire an older property but also bring it up to current standards."

Edmonton has lost over 15,500 units of low-income housing over the past 15 years. Mayor Andrew Knack said the program addresses an urgent need. "We have one in eight people who own and one in four who rent, who are paying a significant amount of their income towards housing costs, so there's a great need to make sure we're continuing to not just increase the overall supply but retain what we have," he said.