Ward 11 Alderman Brian Pincott | City of Calgary Office of the Aldermen

On 2009 November 30, City Council approved the inaugural Business Plan for Attainable Homes Calgary Corporation (AHCC). The new formed not-for-profit city-owned subsidiary has been mandated to create 1,000 housing units under the new Attainable Home Ownership Program (AHOP).

The Corporation is guided by a Board of Directors who in turn report to City Council as the sole shareholder. The Board and the corporation are totally accountable to City Council. The Board is comprised of 5 members, including the Mayor, the Chair of Calgary Housing Company (CHC) and 3 independent individuals.

For more information click on the WWW icon below

Questions & Answers

How is the program being funded?
Council has approved $1 million from provincial affordable housing funding matched with $1M from The City as start up funds to establish AHCC and provide initial cash flow for daily operations. An additional $400 thousand has been approved for Administration to prepare the initial sites to be ready for development. The development funding will be repaid by AHCC. The corporation also has a $10 million loan from The City that is repayable in 10 years.

What are the eligibility requirements for attainable home ownership?
The eligibility criteria have not been formally established as yet - but that work is underway. The aim of the program is to provide housing options to working Calgarians who cannot afford to own a home at full market value and are currently living in market rental or subsidized housing accommodation. Today, the average annual family income required to qualify for an average single-family detached home is $96,555, and $85,731 for a condominium.

Who is the target market for AHCC?
They're everyday people. Truck drivers. Registered nurses. Primary school teachers. Bus operators. These are the citizens who make Calgary thrive, and the kind of people we must recruit and retain to ensure this great city's vibrancy and prosperity. In 2007/08, these workers and others like police officers, accountants and mechanics made average salaries that would not allow them to own a home on a single income. AHCC will help them by providing access to more attainable housing.

How can you be sure the program will be feasible and sustainable?
A detailed financial plan has been drafted to evaluate the viability of AHCC in delivering the attainable home ownership units. Models from other jurisdictions show that there is a variety of revenue sources that could be used to deliver units at an affordable price. The City has investigated best practices from other successful projects in other Alberta cities and towns such as Canmore and Wood-Buffalo. Many projects in North America and the United Kingdom have proven very successful. Those successes have been and will continue to be studied in the development of the program

What oversight will The City have to monitor the new corporation?
The AHCC Board will report, and is fully accountable, to City Council as its sole shareholder.

For the initial stage, where will the sites come from?
Several city-owned sites have been identified, which are suitable for the Attainable Home Ownership Program. It is intended that AHCC will leverage these sites with the private sector for maximum housing affordability. Site analyses are currently underway.

How does this program align with the 10-year Plan to End Homelessness?
There are currently 72,195 Calgary households in need of affordable housing. The City of Calgary's target of 1,000 units of attainable housing contributes to the goals of both the Alberta and Calgary 10-Year Plans to End Homelessness.

Other than offering housing units - how will AHCC further assist new home owners?
Education for home owners, in particular potential buyers of perpetual home ownership units, will be an important element to assist buyers in achieving success as a home owner. The implementation of an education and financial literacy program as part of the Attainable Home Ownership Program is a key eligibility requirement for new home owners. AHCC will also work with preferred lenders and the community to provide a robust pipeline of eligible buyers.
www.attainablehomescalgary.ca