Habitat for Humanity Edmonton, alongside its partners, commenced a new housing initiative in Cold Lake on a chilly Wednesday afternoon, marking the start of a project to alleviate the pressures of an increasingly tight housing market.
Spearheaded by Value Master Homes, this venture promises to construct four single-family homes at 5002-54 Ave, anticipated for completion by the end of summer or the beginning of fall. These homes will offer affordable living options, enabling families, couples, and individuals to embark on homeownership.
The Habitat for Humanity program provides occupants a unique opportunity to sell their homes back to the organization, leveraging the equity built to secure housing in the broader market or achieve other significant life objectives.
Members. Habitat for Humanity (Credits: Lakeland Connect)
This initiative has garnered substantial support from the Canadian government, which has allocated $2.8 million towards Habitat Edmonton’s projects since 2019 through the National Housing Strategy’s Affordable Housing Fund. This support includes the developments in Cold Lake.
In March 2023, a significant boost was announced with an additional $25 million investment from the Canadian government, in partnership with Habitat for Humanity Canada, to facilitate the construction of 500 new affordable homes nationwide over the next three years.
This investment increases the federal contributions to Habitat for Humanity to $80.8 million via the Affordable Housing Fund.
The Alberta government has also supported the Cold Lake initiative, contributing $400,000. Minister of Seniors, Community, and Social Services Jason Nixon emphasized the importance of accessible housing for all Albertans and commended Habitat for Humanity for its efforts in providing essential housing solutions in Cold Lake.
The City of Cold Lake has played a pivotal role in this project by donating the land for these affordable homes, demonstrating a solid commitment to supporting Habitat’s mission.
This donation increases the number of Habitat homes in the community to six, showcasing the city’s dedication to fostering a cohesive and inclusive environment where homeownership is within reach for more residents.
Mayor Craig Copeland expressed enthusiasm for Habitat for Humanity’s ongoing success in Cold Lake, highlighting the significant impact of affordable housing on community strength and inclusivity.
The selection of occupants for these homes will occur closer to the project’s completion, with eligibility criteria set at an annual income range of $45,000 to $75,000.
Dr. Ann-Marie Reddy, President & CEO of Habitat Edmonton, highlighted the collaborative nature of this project, underscoring the necessity of substantial investment and partnership in tackling the challenges of housing affordability.
This Cold Lake initiative stands as a testament to the power of cooperation in creating sustainable, innovative, and community-focused housing solutions.
