Council approves funding for 492 new affordable housing units
City Council unanimously approved $13,284,000 for Affordable Housing Incentives to support 18 projects aimed at developing 492 new affordable rental units in Saskatoon. The capital grants were endorsed at Council’s Regular Business Meeting on September 25. The grants are made possible through the Housing Accelerator Fund (HAF). Additionally, 17 of the projects received Council approval for a five-year incremental tax abatement, estimated at $3,028,155.15.
"Saskatoon is facing an affordability crisis,” says Mayor Charlie Clark. “These incentives will help provide housing to families, seniors, and students who are being priced out of the current housing market. Affordable housing units keep people safely housed and off the streets in our city, yet they continue to be a gap in the housing continuum. It is our priority to provide housing options for people of all income levels and abilities in Saskatoon."
Affordable Housing Incentives (2024) Overview
The Affordable Housing Incentives Call for Proposals was issued on June 5, 2024, and remained open until July 5, 2024. This initiative invited applicants proposing the construction of new affordable rental units to apply for capital grants of up to $27,000 per unit, along with the opportunity to secure a five-year incremental tax abatement. The program attracted significant interest, with a total of 25 applications submitted.
Eligible projects must involve the construction of new affordable rental units, which may include units within mixed-market developments. Affordable housing is defined as housing for low-income households, with incomes at or below the Saskatchewan Household Income Maximums, while spending no more than 30 percent of their income on housing or set at the maximum funding available under the shelter benefit.
“It’s very important; these incentives, as they will also help us leverage more funding from CMHC and other funders and address the massive need as reflected on our waiting list and in Saskatoon in general,” says Angela Bishop of Camponi Housing Corporation. “In the spirit of reconciliation, kinship and unity we can all be architects of a stronger, inclusive and more vibrant Saskatoon.”
To qualify for funding, applicants were required to have a minimum of five years of experience in the affordable housing sector or residential development. Additionally, successful projects must secure a building permit no later than December 27, 2026, to meet the timelines set by the Housing Accelerator Fund agreement and the units must remain affordable for at least 20 years.
For more information about Saskatoon’s Housing Action Plan, visit saskatoon.ca/housingactionplan.
For more information about Affordable Housing Incentives, visit saskatoon.ca/affordable-housing-incentives.