Calgary Commits $29.3 Million to Develop 566 Below-Market Rental Homes
The City of Calgary has announced a substantial investment of $29.3 million through its Housing Capital Initiative (HCI) to support the construction of 566 non-market rental homes. This funding, revealed on Wednesday, represents the second and final round of the HCI program, which aims to address the city's affordable housing crisis by partnering with non-profit housing providers.
Rental Rates Capped to Ensure Affordability
A key requirement of the HCI program mandates that all units in these projects must have a monthly rental rate at or below $1,592.50. This cap is designed to ensure that the homes remain accessible to low and moderate-income Calgarians, providing stable and affordable housing options in a market where rental prices have been steadily rising.
"Increasing non-market housing supply is a top priority for this city council and for Calgarians," stated Mayor Jeromy Farkas in an official news release. "These investments reflect our commitment to ensuring Calgarians have access to safe, stable and affordable housing — today and into the future."
Program Background and Previous Funding
The Housing Capital Initiative was established in November 2023 when the previous city council approved $60 million for the program. Non-profit housing providers can leverage HCI funding to secure additional support from other levels of government, thereby maximizing the impact of each dollar invested.
The first round of HCI funding was announced in May 2025, awarding $30.7 million to seven applicants to deliver 480 new non-market homes. With this second round, the program has now allocated its entire budget, supporting a total of 1,046 affordable housing units across Calgary.
Recipients and Project Locations
Six housing providers have been selected as recipients in this final funding round, collectively delivering eight distinct projects spread across various neighborhoods. The successful organizations include:
- Trellis Foundation for Community Impact
- Citizens Calgary
- Liberty Housing Organization
- Norfolk Housing Association
- HomeSpace Society
- Onward Homes Society
The projects will be developed at the following locations throughout Calgary:
- 938 15th Avenue S.W. in the Beltline
- 6623 Bowness Road N.W.
- 100 Skyview Ranch Drive N.E.
- 11 Haddon Road S.W. (The Boro Block in Haysboro)
- 607 9A Street N.W. in Hillhurst
- 1000 Eighth Avenue S.W. in the downtown west end
- 2525 Eversyde Avenue S.W.
- 2734 Radcliffe Drive S.E. (the Franklin LRT station park-and-ride)
Strategic Impact and Future Goals
These 566 units will contribute significantly to Calgary's ambitious target of delivering an additional 3,000 non-market housing units annually. The city's approach focuses on creating diverse housing types and models that cater to different community needs, from family-oriented units to transit-accessible developments.
"We congratulate the successful round two applicants and thank all organizations that submitted proposals," said Reid Hendry, the city's chief housing officer. "This investment strengthens our partnerships with Calgary's non-profit housing sector and helps unlock additional funding from other orders of government."
The HCI program represents a collaborative effort between municipal government and community organizations to address housing affordability challenges. By providing capital funding to non-profit providers, the city enables these organizations to leverage additional resources and expertise, creating a multiplier effect that extends the impact of the initial investment.
As Calgary continues to grow and evolve, initiatives like the Housing Capital Initiative play a crucial role in ensuring that housing remains accessible to all residents, regardless of income level. The strategic distribution of projects across multiple neighborhoods helps prevent concentration of affordable housing in specific areas while promoting inclusive community development throughout the city.
