NHA adds affordable housing inventory through purpose-built rentals
NHA adds affordable housing inventory in calgary by purchasing purpose-built rental property
Norfolk Housing Association (NHA) celebrated today the purchase of its sixth building in Calgary, an important milestone in its five-year growth strategy and another step in increasing affordable housing inventory in Calgary.
“Riley Park Place is our sixth building and our first purchase in more than 15 years,” noted Maya Kambeitz, Executive Director, Norfolk Housing. “In 2018, we became debt-free on our other five buildings, which put us in a strong position for growth and made the purchase of this building possible.”
“The enhanced cash flow that results from being mortgage-free allows us the opportunity to pursue an aggressive growth strategy that focuses on partnership and acquisition,” commented Bryan Slauko, NHA Board Chair. “Growth will take significant financial investment, and will rely on creative partnerships, flexible financing and dedication to managing risk. With those parameters in place, we look forward to adding even more affordable housing for individuals and families in the next five years.”
NHA is dedicated to creating inclusive and affordable communities for all by providing mixed-income rental housing in all of its apartment buildings. This mixed-income model, a split between market rate residents and rent geared to income, has proven to be effective and sustainable.
“At NHA, we are passionate about creating communities where people of all circumstances can come together to build a supportive, thriving and vibrant neighbourhood. Social impact renters pay market rates, knowing that their rent directly contributes to the community in which they live,” Kambeitz added. “This allows individuals of all social-economic backgrounds to live in a diverse, inclusive community that promotes overall social good and housing stability.”
According to the City of Calgary, Calgary’s need for affordable housing units increases by about 2000-2500 annually, with less than 500 units coming into the market each year. Compounding the issue is the potential loss of existing inventory to age and new builds. NHA remains committed not only to adding units, but also to preserving purpose-built rentals to house the estimated 80,000 Calgarian households currently struggling to pay housing costs.
About Norfolk Housing Association:
Norfolk Housing Association is a not-for-profit housing organization that provides places to call home for a diverse group of residents from all walks of life. By providing people with affordable, appropriate, and safe housing free of judgement, pity or prejudice we set the foundation for building individual resilience and strength to live a fulfilling life. Norfolk Housing owns six residential apartment buildings, consisting of 138 units in the communities of Kensington and Sunnyside in Calgary.
