COLD LAKE - On a brisk Wednesday afternoon, Habitat for Humanity Edmonton and its supporters kicked off the newest housing project in the City of Cold Lake, right on the very lot where the project will come to life.
On Feb 28, it was confirmed that the endeavour, led by Value Master Homes, will see the construction of four single-family homes, providing an opportunity for families, couples, or individuals to become homeowners in an increasingly challenging housing market.
The homes located at 5002-54 Ave are expected to be completed by late summer or early fall, offering affordable monthly payments and laying the foundation for a promising future for the occupants.
According to information from Habitat for Humanity, upon completion of their time in the Habitat program, occupants have the option to sell their homes back to Habitat, using the equity gained to purchase a home in the open market, or pursue other significant life goals.
The Government of Canada has been a committed supporter, with a total funding commitment of $2.8 million since 2019 through the Affordable Housing Fund under the National Housing Strategy, specifically directed towards Habitat Edmonton projects, which includes those in Cold Lake.
In a forward-looking move, the Government of Canada and Habitat for Humanity Canada announced an additional $25 million investment in March 2023 to construct 500 new affordable homes across Canada over the next three years. This brings the total federal investment in Habitat for Humanity to $80.8 million through the Affordable Housing Fund.
The Government of Alberta, a longstanding supporter of Habitat’s program, has invested $400,000 in the Cold Lake project.
“All Albertans deserve a safe and affordable place to call home,” said Minister of Seniors, Community and Social Services Jason Nixon. “Alberta’s government is proud to support this project, and I’d like to thank Habitat for Humanity for helping provide housing for those in need in Cold Lake."
Erin McNeil Director of Fund Development, Habitat Edmonton, said the City of Cold Lake has also been a strong supporter, donating the land the affordable housing is built on.
The City of Cold Lake has demonstrated its commitment by setting aside lots for donation to Habitat, bringing the total number of Habitat homes in the community to six, according to information released about the project.
“Cold Lake is happy to see the continued success of Habitat for Humanity in our community,” said City of Cold Lake Mayor Craig Copeland.
“Providing affordable housing, along with the pride and sense of accomplishment that comes with homeownership, builds a strong, inclusive foundation from which our community can continue to grow together without leaving people behind,” added the mayor.
Occupants for the homes will be selected closer to the completion date, with eligibility requirements including having an annual income between $45,000 and $75,000.
Dr. Ann-Marie Reddy, President & CEO of Habitat Edmonton, acknowledged that “Building affordable housing requires substantial capital investment and strong collaboration to address the complex issues of housing affordability. This build is a perfect example of a collaborative approach that will lead to more innovative, sustainable, and community centered solutions.”
