Attainable Homes Calgary bringing 230 below-market townhomes to former David D. Oughton School site
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The homes will range in price, according to Tait, with one-bedroom units selling for around $170,000 and five-bedroom homes selling for between $300,000 and $330,000, which is well below market rates.
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There are currently hundreds of Calgarians on Attainable Homes Calgary's wait list, according to Tait, who said the non-profit has helped more than 1,100 families buy a home in the last 15 years.
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'The intent is for people that work hard, are on fixed incomes,' he said. 'We're looking for people that contribute very strongly to Calgary's economy, Calgary's cultural life, that just can't be in a market home right now, so we use that income eligibility limit to guide our sale decisions.'
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There are also rules in place to prohibit owners from renting out their units, running a home-based business or secondary suite, or operating their townhome as a short-term vacation rental.
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'We make sure that these aren't used as investment properties,' Tait said. 'The owner lives in the unit and we've got protections in place to ensure that happens.'
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To help families afford the homes, Tait said Attainable Homes Calgary runs a down payment assistance loan program. Through the program, the non-profit's clients only need to contribute an initial $2,000. The agency then loans whatever is required for the buyer to reach the federally mandated five per cent minimum down payment. The interest-free loan is returned when the buyer eventually sells the home.
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CMLC looking into developing park-and-ride lots along LRT
In addition to the former David D. Oughton site, CMLC president and CEO Kate Thompson said the civic partner is advancing several other housing initiatives on municipally owned land.
At Wednesday's event, she mentioned CMLC is exploring the feasibility of developing transit-oriented communities (TOCs) along the CTrain network, specifically the city-owned park-and-ride lots at the Anderson, Fish Creek-Lacombe and Dalhousie stations.
The first phase of community engagement for those potential projects will begin this month, according to Thompson, who added additional surveys and engagement will follow as site analysis progresses.
CMLC is also progressing its East Village master plan, with four residential projects featuring more than 900 homes currently moving through the city's regulatory processes.
Construction of the first 162 of those units will begin later this year as part of Bankside Properties' Library Square project, which Thompson noted will include two six-storey residential dwellings just east of the central library.
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