The project was funded by governments at all levels along with multiple private donors
A recently completed renovation project in Calgary has added much-needed affordable housing supply for the market.
“The 10-storey office tower formerly known as Sierra Place, located at 706 7th Avenue SW, has been completely renovated into 82 units of affordable housing for vulnerable Calgarians, including an Inn from the Cold emergency shelter and transitional housing for families facing homelessness,” according to the Canada Mortgage and Housing Corporation.
The building, rechristened as “Neoma”, will see Inn from the Cold’s operations moving into the facility this month, followed by residents in affordable housing units in the coming months.
The project was funded by a $16.6 million investment from the federal government, along with a $2 million tranche from the Canada-Alberta Bilateral Housing agreement under the National Housing Strategy and a $5.5 million package from the city of Calgary as part of its downtown revitalization initiative.
Private donors also contributed nearly $6 million to the project.
“By investing in projects like Neoma, we’re creating a downtown where low-income families, seniors, and newcomers can build their lives with access to key amenities just a short walk away,” said Calgary mayor Jyoti Gondek. “Calgary is proud to be leading the country with this project that will serve as a blueprint for cities looking to address both the housing crisis as well as downtown revitalization.”