The City of Edmonton is taking an important step to increase access to student housing through a $15-million Downtown Student Housing Incentive, part of the Housing Accelerator Fund Action Plan. This program will accelerate the development of student housing, while incentivizing new public infrastructure and economic opportunities in the city's downtown area.
"Affordable housing remains one of the biggest barriers for students in Edmonton," said Nathan Thiessen, chair, Edmonton Student Alliance (ESA). "The ESA sincerely thanks the City of Edmonton for recognizing the severity of this issue and taking action. The Downtown Student Housing Incentive is a meaningful step toward creating a vibrant, inclusive downtown where students can afford to live, learn and contribute. ESA fully supports this initiative and looks forward to working with the City to ensure downtown is an affordable, safe and welcoming home for all students."
The Downtown Student Housing Incentive is one of two new initiatives under the City's Housing Accelerator Fund (HAF) Action Plan, which is designed to help create housing that the market may not provide on its own. It also advances the implementation of Downtown Action Plan by increasing the residential population downtown.
Applications for the program are currently open, with the first round closing on September 30. Builders or developers must use the funding for new builds in the downtown area, and they must be able to show how the design is specific to student housing needs. Projects can receive up to $30,000 in grant funding per unit of student housing.
"Downtown remains a top priority for our association and its members," said Kalen Anderson, CEO, BILD Edmonton Metro. "A thriving, dynamic city starts with a vibrant urban core, and expanding housing is one of the most effective ways to make that happen. The Downtown Student Housing Incentive is projected to deliver over 500 new housing units with construction starting by 2026, not only addressing critical housing demand but also laying the foundation for a more lively and attractive downtown. By increasing the number of students living downtown, we also strengthen the area's vibrancy - boosting foot traffic, stimulating local businesses and creating a more energized, 24/7 urban environment."
Edmonton's downtown is home to over 47,000 students. Currently, students in Edmonton experience more affordability challenges than the national average. Over 80 per cent of students who rent housing spend more than 30 per cent of their income on housing, compared to 70 per cent nationally.
"Building more housing not only increases student access to more affordable rent, with a cap on rental costs for 10 years, but it creates additional commercial opportunities and more public spaces to meet this increased growth, ensuring a stronger economic ecosystem in the heart of the city," said Alisa Laliberte, Branch Manager for Economic Investment Services. "This fund is just one of the many actions the City is taking to help ensure all Edmontonians can access the housing they need and our downtown economy remains strong."
"Affordable housing in Edmonton's downtown is a priority for students, and as NorQuest advances plans for growth and campus expansion, we know its importance will remain central," said Carolyn Campbell, President and CEO, NorQuest College. "This incentive will bring greater vibrancy and economic opportunity to our city's core and ensure fewer barriers for the community of students who chose to study, work, and live in downtown Edmonton."
For more information about the Downtown Student Housing Incentive Program, including the eligibility criteria and application form, visit edmonton.ca/studenthousing.
For more information:
