Fundraising efforts are ongoing to ensure that the new Big Lake Pointe rental housing complex remains affordable for low-income families, not just when the buildings are completed, but also in the future.
"Our target is to raise $1.5 million by the time the doors open 14 months from now," said Doris Vandersteen, executive director of the St. Albert Housing Society.
The project has already had considerable help from all levels of government and the private sector. Over the past three years Big Lake Pointe received $230,000 from an anonymous donor and a further $25,000 from other local contributors and businesses.
In previous years, the housing society had twice applied for provincial grants but was turned down.
"Then last year we reached out to developers, who in the past, had experience working with government and affordable housing grants," Vandersteen said.
At the same time, Alpha-Anderson Joint Venture, a development company out of Edson, was interested in bidding on an affordable housing project in St. Albert.
"If they had won the bid on their own, they would have purchased different land and it would have looked very different than the way Big Lake Pointe looks now," said Vandersteen.
"Instead of being competitors, we formed a partnership," she said.
Alpha-Anderson Joint Venture has already built affordable housing in Edson and is working on a project in Spruce Grove. The St. Albert division of the company is Big Pointe Development Inc., said president James Kazoleas.
The next step involved the City of St. Albert's 2010 purchase of 3.2 acres of land from Genstar Developments, for $2.3 million, $1.6 million of which came from the province's Municipal Sustainability Initiative fund.
Finally Big Lake Pointe became a reality earlier this month with the announcement of a joint grant from the federal and provincial governments.
The cost-shared investment distributes $121 million to affordable housing projects throughout Alberta.
"Our share of that is $6.8 million. And that capital grant absolutely helps because it means the project doesn't need to be financed and it doesn't need to pay a service charge on the debt," Vandersteen explained.
A room with a view
The two-building project helps the St. Albert Housing Society help low-income families. For 20 years, rents on at least 78 units will be held at 10 per cent less than the average area rent listed on the annual survey by Canada Mortgage and Housing Corporation.
The rents will fluctuate according to the annual survey, but right now average rents in St. Albert are pegged at $766 per month for a one-bedroom; $895 for a two-bedroom unit and $1,066 for a three-bedroom apartment.
"The agreement is to keep rents affordable for 20 years. So far 78 units will have affordable rents and we are fundraising to have another seven units available for an affordable rent," Vandersteen said.
Kazoleas explained that apartments will be complete with all appliances, including in-suite washers and dryers. A portion will also be wheelchair accessible. He also believes that residents of the upper floors will have a view of Big Lake.
"It's a great thing for seniors, for single moms and for individuals who need affordable housing," he said, adding that Big Pointe Development will obviously benefit too, but the investment will be long-term.
"This is a long-term project and so we will see a small return on our investment over a long time," he said.
