News
First "Attainable Homes" project hits Calgary
News release, February 26, 2011
First "Attainable Homes" project hits Calgary
Calgary, Alberta - Alderman Brian Pincott, Alderman Gord Lowe, Board of Directors Chair David Laycock and Executive Director Sharon McCormick were on hand today to officially launch the Attainable Home Ownership Program and the first project, Treo at Beacon Heights. Located in northwest Calgary, Treo at Beacon Heights is the first attainable home ownership project available for sale to moderate-income Calgarians. Attainable Homes Calgary Corporation's building partner, Cidex Developments Ltd., brought the project forward to help get the program off the ground.
"We are so pleased to be launching Beacon Heights today," says Sharon McCormick, Executive Director. "Treo at Beacon Heights is a Cidex development and by providing it to Attainable Homes, we are able to launch the program two years ahead of what we anticipated."
The Attainable Home Ownership Program is based on similar and successful models from around North America and abroad. By pooling land with the private sector, acting quickly to take advantage of economic conditions and creating economies of scale in building 1,000 homes, Attainable Homes Calgary can drive down the cost of homes to ensure they are attainable to moderate-income buyers, earning approximately $53,000 - $80,300 in household income annually. The Attainable Home Ownership Program offers down payment assistance, attainable pricing for high-quality, entry-level homes, and a shared appreciation model.
"This program is something that Calgary has been waiting for," says Mayor Naheed Nenshi. "It's a stepping stone into homeownership for middle-income Calgarians, creating economic and social vitality, and frees up vacancies in rental accomodations."
Attainable Homes Calgary Corporation is a non-profit organization created as a wholly-owned subsidiary of The City of Calgary to help close the housing affordability gap and help more Calgarians buy their own home. Our vision is to encourage and advance attainable home ownership so working Calgarians can create equity and financial stability.
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