The Alberta government, Parks Canada and the Town of Banff have partnered to build 131 units of much-needed affordable housing in Banff.
The $24-million Deer Lane Affordable Housing project will be cost-shared by the provincial government and the Town of Banff, with both contributing approximately $12 million each. Parks Canada and the town successfully negotiated the lease of the land for the development in 2015.
Budget 2017 upholds the government’s commitment to investing $1.2 billion over five years, through the Capital Plan, to build affordable housing units for Albertans.
“Banff is currently at a zero per cent vacancy rate in its rental market. That’s why our government is making life better for residents of Banff by investing in projects like Deer Lane Affordable Housing. This project will help ensure residents have a safe and affordable place to call home.”
“This project is an excellent example of the strong partnership the Town of Banff has with the federal and provincial governments. We’re thrilled this collaboration will help us address the critical need for affordable housing in our community.”
”Parks Canada is excited for this next step in supporting affordable housing in the community. The long-term sustainability and vitality for the community is a priority and we will continue to work closely with the Town of Banff on this initiative.”
- The facility will be managed by the Banff Housing Corporation.
- The complex will be a mix of studio units and one- and two-bedroom residences, including barrier-free accommodation.
- The project is expected to be completed in late 2018.