The Calgary Real Estate Board Realtor Community Foundation has awarded $300,000 in grant funding to support HomeSpace Society with its conversion of downtown office tower Sierra Place into affordable housing units.
“HomeSpace, like all our non-profit partners, is doing fantastic work to provide a home for vulnerable populations in our community and we are proud to support their efforts,” says Murray Scotton, chair of the CREB Realtor Community Foundation. “This funding will help increase the supply of safe and affordable housing in Calgary, so more people can have a place to call home.”
The Sierra Place project is also one of the first major efforts to bring residents back to the downtown core under the City of Calgary’s new Greater Downtown Plan.
“This investment from CREB Realtor Community Foundation will not only help create affordable homes but also dignity, safety and an opportunity to thrive for nearly 200 Calgarians in need,” says Bernadette Majdell, CEO of HomeSpace Society. “The Sierra Place project will also bring vibrancy and economic stimulation to Calgary’s struggling downtown core.”
The wide-ranging benefits associated with affordable housing is one reason why the Legacy Grant, which is designed to create new housing and shelter options in the local community, is the foundation’s signature funding stream, it says.
The Legacy Grant is complemented by two additional grant streams, the Community Grant and the Transformation Grant. The foundation unveiled these three grant streams in 2020 as part of a new funding framework designed to create new housing, keep people housed and improve housing quality.
“We are focused on funding projects that respond to community need,” says Jason Yule, CREB’s director of communication services. “The housing initiative with HomeSpace is new and innovative and something that will create housing for people who need it most, which is right where we want to be.”
The Foundation’s Community and Transformation Grant streams will start accepting applications in September.