Cold Lake, AB – Habitat for Humanity was pleased to present keys to Cold Lake families. With the increasing need for affordable housing in Cold Lake, the project was a timely endeavor. The development was a first-of-its-kind for Habitat Edmonton: an apartment complex with 32 units. The development was named Spirit Arms by the neighbouring Holy Cross school grade 1 students.
“Habitat is tremendously pleased that families will now be able to build equity in a home,” said Alfred Nikolai, President & CEO, Habitat for Humanity Edmonton. “In a booming economy it is difficult to find housing, but the Province and City have been diligent to ensure that they are addressing the great need in the City.”
This development is a great example of how the government helps facilitate sustainable affordable housing projects. The Provincial government laid the groundwork so that Habitat for Humanity was able to collaborate with the community of Cold Lake and other partners to provide affordable home ownership opportunities to local residents.
“We rely on strong partnerships to support affordable housing programs, and our government is pleased that Habitat for Humanity and the City of Cold Lake are partnering on this project,” said Municipal Affairs Minister Doug Griffiths. “Habitat for Humanity and the City of Cold Lake deserve recognition for coming together to strengthen the community and bring much-needed affordable housing to Cold Lake families.”
The City of Cold Lake has been a strong supporter of Habitat for Humanity bringing the affordable home ownership model into the city.
“It’s no secret that there is a shortage of affordable housing in Cold Lake and city council has looked at a variety of ways to address the issue,” Cold Lake Mayor Craig Copeland said. “This project comes at a crucial time and will give a lot of families hope in a very challenging housing market. We welcome Habitat for Humanity to our city, and these families to their new homes. I’m sure that this partnership will continue to grow and to benefit Cold Lake residents well into the future.”
Habitat families pay an interest-free mortgage that is never more than 25 percent of their income. This allows families more disposable income to spend on necessities and to save for the future. Each mortgage payment that Cold Lake families pay goes to Habitat’s Fund for Humanity and will go towards future Habitat builds in Cold Lake so that a greater number of families will benefit for years down the road.