The City of Cranbrook has sent in an application for a Canadian Mortgage and Housing Corporation grant to help the city meet its housing needs target.
“The grant opportunity is timely as the City is in the process of updating its housing needs assessment which
shows that like many communities, we are significantly lacking in affordable housing options for our residents,” says Rob Veg, Manager of Planning for the City.
“The updated assessments finding indicates new housing targets in the amount of approximately 1,400 units to meet the City’s housing needs in the next ten years with approximately 900 units being more affordable options based on household incomes and demographics.”
The grant would be for $10.4 million if approved.
“If successful with the application, the funding received would be used to develop a target of approximately
268 dwelling units of those 106 as “affordable rental housing”, established in the City’s application,” Veg
says.
“While not completely solving the City’s housing needs, it would be a big step towards our new housing needs target.”
City staff are hoping to come back to city council in the coming weeks with an update on the grant application.