Council approves funding request for 4 new affordable housing projects

Photo from the River Bank Development Corporation website

Prince Albert city council approved an application to contribute funds to the creation of new affordable housing rentals in the city on Monday. 

The River Bank Development Corporation (RBDC) has applied for $20,000 through the Affordable Housing Program to create four affordable rental units in Prince Albert. Each dwelling will receive $5,000 in funding. River Bank Development Corporation is planning to purchase the first home in the short term, with the remaining homes being purchased at a later date. 

The total anticipated cost for this project is $830,000 and the Saskatchewan Housing Corporation (SHC) is reported to be contributing $560,000 towards the project. 

As part of the program, the RBDC will be required to enter into a 15 year Operating Agreement with the City for each property. This guarantees the units will be rented at an affordable rate for the term of the agreement. This is defined as 80% of the market rate or the maximum rental rate calculated by the Canada Mortgage and Housing Corporation and the SHC. 

The River Bank Development Corporation is a non-profit affordable housing provider in Prince Albert. It was formed in 1998 as part of the Saskatchewan Government’s Neighborhood Development Organization Program.

Council originally approved the Affordable Housing Program in 2019. So far, three applications have been approved and funds provided by the program contributed to the creation of 14 affordable rental units in Prince Albert. 

Only three projects may receive funding under the Affordable Housing Program annually, with a maximum grant of $30,000 per application. As of February 28th, the Housing Reserve has a balance of $645,855.

Section 6 of the Prince Albert Official Community Plan states, “The need for affordable housing is critical. Adequate housing can stabilize neighborhoods and enable the community to wrap services around individuals and families who require them.” The Affordable Housing Program’s support of non-profit corporations providing affordable dwelling units to residents of Prince Albert acts in accordance with this statement.