thommyjo
Senior Member
This street scape needs love haha. Sheesh.
- Thread starter Daveography
- Start date
Munanyo
Active Member
This one stalled out for a long time but I always remained hopeful given this is in Beljan's hands. Given the proximity to Ice District and the space available, I think this will really activate on what is an otherwise dead street that technically should be alive and well, especially on event nights. Really excited for this one and what it might do for downtown in general.
Greenspace
Senior Member
Williams Hall at Executive Committee Nov 1 to ask for Affordable Housing Incentive Program grant.
"The affordable housing development by Williams Hall Ltd. is located at 10030 102AAvenue NW in downtown, which has six per cent non-market affordable housing asper the City’s Non-Market Housing Inventory. The development is in the planning stages and is expected to commence construction in 2024 with occupancy expected in January 2025."
"The affordable housing development by Williams Hall Ltd. is located at 10030 102AAvenue NW in downtown, which has six per cent non-market affordable housing asper the City’s Non-Market Housing Inventory. The development is in the planning stages and is expected to commence construction in 2024 with occupancy expected in January 2025."
Greenspace
Senior Member
"Williams Hall Ltd. is proposing to rehabilitate the former YMCA Edmonton Downtown Centre at 10030 102A Avenue NW to create 90 new, near-market affordable rental units (90 bedrooms) for low-income young adults struggling to pay market rent. Williams Hall Ltd. will work with Youth Agency Collaboration and Boyle Street Community Services who will refer eligible tenants to the units. The units will be offered at a maximum of 80 per cent of average market rents. This project would be the first affordable housing project located in the downtown neighbourhood to receive grant funding through this grant program.
The estimated construction budget for the entire rehabilitation project is approximately $35 million. The applicant has applied for $6,500,000 from the City to offset capital costs for the 90 units. In exchange for the City’s contribution, Williams Hall Ltd. would provide 20 years of affordable housing use. The applicant is also pursuing funding from CMHC’s National Housing Co-Investment Fund and the Government of Alberta's Affordable Housing Partnership Program."
The estimated construction budget for the entire rehabilitation project is approximately $35 million. The applicant has applied for $6,500,000 from the City to offset capital costs for the 90 units. In exchange for the City’s contribution, Williams Hall Ltd. would provide 20 years of affordable housing use. The applicant is also pursuing funding from CMHC’s National Housing Co-Investment Fund and the Government of Alberta's Affordable Housing Partnership Program."
IanO
Senior Member
Don't get me wrong, this has great potential, but at $388,888/unit if spread over the total project or a 19% subsidy is a little hard to swallow.
Are there market units as well?
Are there market units as well?
Greenspace
Senior Member
Isn't it $72k per unit (90 units)?
Example - $1400/month unit at 80% without inflation is $67200 over 20 years.
Example - $1400/month unit at 80% without inflation is $67200 over 20 years.
SarcasticMarmot
Active Member
I'm always skeptical of the value of grants for in "Near Market" rentals. Does a reduction of rent from $1,239 (current EDM average) to $981 really make enough of a difference for a "low-income young adult" to justify a $6.5M investment? If they are low income that's still pretty damn high. If it was 80% of the bottom of the market I would be way more supportive.
I know Cvidia has been building a bunch of "Near Market" rentals, but as a way to subsidize their income tested units while still supporting their mandate. Not so much as a housing solution directly.
I imagine low income covers a range. Minimum wage: you could make ends meet at this rental rate, but not by much: https://www.ecfoundation.org/wp-content/uploads/Final-C-Primer-on-Income.pdf. That is also based on 2019 data, so include inflation, and the entertainment budget goes out the window. However, if you're slightly above minimum wage, you could make ends meet. Some projects will need subsidies, while others will need total costs covered. Other types of subsidised housing cover other levels of income though.
supaflyryguy
New Member
This seems like an odd location for subsidized rentals when there are unlimited cheap walk ups across the city and vacant land to build new ones, and this location would be prime for some fresh lofts.
Tropical
Active Member
Ideal location since this is a partnership with youth-serving agencies: walkable access to other supportive programs, transit, employment training programs, groceries etc.
Avenuer
Senior Member
Plus, Downtown could use more young people, such as students, living in the core. It needs that youthful vibrancy that Whyte Ave has.
Gronk!
Senior Member
ECC, Sandman Signature Hotel and ICE District will thank Williams Hall for this.
Greenspace
Senior Member
If there's going to be an affordable 'near market' housing project somewhere Downtown, this seems like a good project and location.
David A
Senior Member
The subsidy is $72,000 per unit. However, the net cost per unit after the subsidy is still over $300,000. So, I'm not sure how that qualifies as affordable.
Maybe "near market" whatever those weaselly words mean, but you can buy an average condo in Edmonton downtown right now for under $200,000.
Of course, some of the cost of this project is going towards non residential space (not sure how much), so that should be accounted for too.