Spring 2024 Update: Ready to Launch
Calgary Affordable Housing Foundation is preparing to launch as the go-to fundraising foundation for affordable housing in Calgary. Board members have been re-engaging with housing providers, donors and partners with the goal of announcing a move to full-time operations this fall.
The need is clear. There is an affordable housing crisis in Calgary. According to the City of Calgary’s 2021 Housing Needs Assessment, there were 84,600 households in housing need. This means that one in five Calgary households cannot afford their housing. Based on current conditions, that number is expected to have grown. Currently, there are approximately 300 affordable housing units being built each year.
The demand is far greater – Calgary needs approximately 2,500 additional affordable housing units each year. Without sufficient affordable housing, there is risk to individuals, families and communities. Safe and stable homes are essential for a healthy life. Without safe and affordable housing, individuals and families have less money available for food and other resources that affect health outcomes and are also at risk of experiencing homelessness. There is also a cost to communities as community members with unstable or inadequate housing are at risk of increased hospitalizations, as well as mental and physical health concerns.
The current system to support the construction of affordable/below-market housing isn’t working. There are inadequate supports and challenges with access to capital dollars.
One of the major challenges in advancing affordable housing projects is the inability of housing providers to generate the philanthropic capital required. Many government grant programs require a certain threshold of equity and most affordable housing providers struggle to secure the required capital and lack the fundraising staff and expertise.
There is a solution.
Calgary Affordable Housing Foundation offers a strategic solution to support housing providers, raise required philanthropic capital dollars, and ensure Calgarians have access to below-market affordable housing. The foundation is a capacity building organization that will accelerate building of units, support the more than 50 affordable housing charities in Calgary, and amplify donor support.
CAHF is the go-to fundraiser for affordable housing in Calgary. CAHF connects donors and funding agencies with housing providers. This connection and support allow housing providers to leverage available government funding, resulting in accelerated builds and more below-market affordable housing units for Calgarians.
With CAHF providing the necessary fundraising, housing providers will be able to keep their focus as the owners/operators of affordable housing.
A readiness survey has identified several specific projects where there is an immediate opportunity for CAHF to raise funds for housing provider partners. These projects would benefit diverse populations, including indigenous community members, seniors, children and youth, immigrant newcomers, those with disabilities, women, and community members identifying as LGBTQ2S.
Over the next three months, CAHF is working to confirm $2.5 million of launch funding. This funding will be used to fully operationalize the foundation and to immediately begin to support affording housing providers.
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