Rocky View County (RVC) council has provided a letter of support to Rocky View Foundation for a proposed application for seed funding from the Canada Mortgage and Housing Corporation (CMHC) to lay the groundwork for a potential seniors housing project in Bragg Creek.
Funding is sought to support pre-development work. Depending on the success of the grant application and the amount of funding received from CMHC, the funding could contribute to an updated housing needs assessment, a financial feasibility study, initial design work, re-zoning costs or supporting technical studies necessary to advance the proposed seniors housing project.
The CMHC’s seed funding program provides financial support for organizations involved in the initial phases of affordable housing projects. Organizations can apply for up to $350,000 in interest-free loans and a maximum of $150,000 of non-repayable contributions to assist with early development expenses.
Ben Manashanden, RVC intergovernmental strategist told RVC council the foundation will be seeking approval from its board of directors today (Mar. 27) to pursue the funding. Additional letters of support are expected to be sought and possibly include one from Cochrane town council.
The need to establish at least 20 affordable senior units in the hamlet was identified in a 2015 needs assessment.
That same year, Dick Koetsier donated 2.1 acres of land on White Ave., valued at $1 million, for the project.
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