More affordable housing: HomeEd continues growth with purchase of 122 rental units
HomeEd, the City of Edmonton Non-Profit Housing Corporation, has acquired Miller Ridge Apartments, a beautiful 122 unit apartment complex in the North Edmonton neighborhood of Miller.
With this $20 million+ purchase, HomeEd continues its strategy of providing Edmontonians with greater access to quality, affordable housing. In acquiring Miller Ridge, HomeEd will enhance housing affordability by taking into account household income levels when determining whether tenants pay market rent or less than market rates. Over time, at least 50% of units at Miller Ridge will be reduced to no more than 80% of average market rates.
"These are tough times for many Edmontonians, causing many to question how they can pay their rent while still taking care of their families," said Nick Lilley, Chief Executive Officer of HomeEd. "Our goal is to help as many people as we can find or preserve the homes they love at rents they can afford."
The purchase of Miller Ridge comes on the heels of HomeEd's $50 million+ acquisition of Rundle at Riverview Crossing in April. Through that investment, HomeEd will also offer rent subsidies to at least 50% of the 248 households in the newly constructed apartment complex.
Since December 2021, HomeEd has invested over $105 million to add 540 quality rental units to its portfolio, increasing the supply of affordable housing in Edmonton at a time when it's certainly needed.
"HomeEd is committed to playing a more significant role in advancing housing affordability in Edmonton," said Dave Rumbold, Board Chair for HomeEd. "With these acquisitions, we're preserving affordability for folks who can manage current market rates, while reducing rents in a sustainable way for hundreds of Edmontonians who need rent relief."
Since 1977 HomeEd has been providing affordable rental housing to Edmontonians. As a non-profit corporation owned by the City of Edmonton, HomeEd is committed to providing safe, quality accommodations for individuals and families with varied income levels. With a portfolio of over 1450 apartment and townhome units spread across our City, we are here to help Edmontonians find a better home and brighter future in a community they love and can afford. (www.myhomeed.ca)