The Alberta government is partnering with the Town of Canmore to develop and build more affordable housing units for residents in the Bow Valley.
In a news release on Monday morning, the province said it will use 2.3-hectares of land between Palliser Trail and the Trans-Canada Highway to plan, design and approve an affordable housing project.
According to the Alberta government, the land has an estimated value of $8.7 million. It will be reserved for three years and transferred to the Town of Canmore to enable the development once the design and planning phase is done.
The project is part of Alberta’s 10-year affordable housing strategy Stronger Foundations. The strategy promises to build 250,000 more affordable housing units across the province by 2031 by partnering with municipal governments and community organizations.
“Our government continues to show its commitment to making life more affordable for Albertans,” said Community and Services Minister Jeremy Nixon in a statement.
Canmore’s deputy mayor Tanya Foubert said the project will help address the increasing need for affordable housing in the Bow Valley area.
“We need the support of other levels of government to help address the housing challenges we face in Canmore,” Foubert said.
“The contribution of this important piece of land by the Government of Alberta is one piece of the puzzle we have been working to solve.”
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