Calgary needs over $500M annually for affordable housing targets, briefing note says

Calgary faces a significant annual funding gap to achieve its affordable housing targets, with a city council briefing note revealing that over $500 million may be required each year for the next four-year budget cycle. This comes as progress on the city's housing strategy, "Home is Here," has reportedly slowed.

City administration has presented three distinct funding scenarios for councillors to consider. The least expensive option, "keeping the lights on," would cost $93 million annually to maintain current progress, building 400 non-market units and housing 1,040 residents. A middle-ground approach, "gaining footing," would require $214 million annually to construct 1,050 units and house 2,730 people.

The most ambitious option, "building momentum," aims to meet the city's target of 3,000 new non-market housing units per year. This would necessitate an annual investment of $526 million, enabling the acquisition of 30 development sites and housing 7,800 Calgarians. The city's chief housing officer, Reid Hendry, emphasized that achieving the 3,000-unit goal requires substantial investment beyond local contributions, calling for support from provincial and federal governments, as well as the private and non-profit sectors.

However, some council members, like Ward 10's Andre Chabot, noted that the impact on local taxpayers is difficult to quantify due to reliance on external funding. Conversely, Ward 13's Dan McLean has questioned whether affordable housing falls within the municipality's jurisdiction. Over the last four years, Calgary has invested $75 million annually, resulting in an average of 1,100 non-market units per year.

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When it comes to housing, that 3,000 non-market homes per year is from the Home is Here strategy, a council-approved strategy. The non-market sector doesn’t create itself, it requires investment not only locally but from other orders of government.