HomeEd kicks off affordable housing growth plan with purchase of 144 townhome complex

EDMONTON, AB, Dec. 22, 2021 /CNW/ - HomeEd, the City of Edmonton Non-Profit Housing Corporation, has acquired 144 townhomes in the Northeast Edmonton neighborhood of Clareview. The $26.5 million purchase of the Claremont Court townhouse complex is the start of an ambitious strategy to provide Edmontonians with greater access to quality, affordable housing.

"These are tough times for many Edmontonians, causing many to question how they can pay their rent while still taking care of their families," said Nick Lilley, Executive Director of HomeEd. "Our goal is to help as many people as we can find or preserve the homes they love at rents they can afford."

In acquiring Claremont Court, HomeEd will enhance housing affordability by taking into account household income levels when determining whether tenants pay market rent or less than market rates.

The purchase is part of a broader growth plan that should see HomeEd grow its portfolio of rental housing in Edmonton by at least 500 units by 2025, with rents ranging from 30% less than market up to market rates.

"This deal definitely highlights HomeEd's intent to play a more significant role in advancing housing affordability in Edmonton," said Ayaz Bhanji, Board Chair for HomeEd. "We believe that a mixed income model that targets rent at less than or equal to 30% of household income is a great way to keep rents affordable while ensuring our housing investments are financially sustainable."

The HomeEd team will assume responsibility for property management and tenant relations at Claremont Court on Wednesday, December 22, 2021.

About HomeEd
Since 1977 HomeEd has been providing affordable rental housing to Edmontonians. As a non-profit corporation owned by the City of Edmonton, HomeEd strives to provide safe, quality accommodations for individuals and families with varied income levels. With a portfolio of over 1000 apartment and townhome units spread across our city, we are here to help Edmontonians find a better home and brighter future in a community they love and can afford.

Media Availability
Executive Director of HomeEd, Nick Lilley, will be available for video call or telephone interviews between 10:30am - 1:00pm on Wednesday, December 22, 2021.

SOURCE HomeEd

To arrange an interview, please contact: Collin Kennedy (780-938-3534), [email protected]