CANMORE – In an effort to more clearly communicate what it offers, Canmore Community Housing has changed its name and branding for the homes it develops.
Dropping the word corporation from its title, CCH has also walked away from the term perpetually affordable housing (PAH) that has been used for the past 15 years to describe the homes available for sale and rent in its portfolio.
Vital Homes, said vice-chair of the board Kieran Dowling, is a name that better reflects what the organization offers in terms of home ownership and rentals.
"We wanted to basically make sure that we simplified our name to better reflect what we offer the community," Dowling said. "We are not just building housing, we are building a sustainable, viable community and the expanded suite of programs and offerings we have reflect that.
"We have also changed the name of perpetually affordable housing. The word affordable in PAH, we have found, can be polarizing and PAH is kind of unclear as to what it means – it requires a lot of explanation."
Originally launched in the mid-2000s, PAH was a program that offered home ownership units with a resale price restriction. Modelled off Whistler Housing Authority's program, it caps the price that a unit can be sold at in relation to the consumer price index.
In addition to resale restricted home ownership opportunities, CCH has two rental properties and launched two brand new programs in 2020 to assist with mortgage down payments and developing accessory dwelling units.
"We have also expanded a suite of offerings," Dowling said. "They lead to more opportunities for residents to buy or rent homes and that is part of what we do.
"We are Vital Homes now because that is what we think we offer – a vital home for people that want to be in Canmore."
The matching down deposit pilot program matches a down payment for current Vital Home owners and those on the waitlist up to $25,000 as a second mortgage. It is loaned with an interest rate of one per cent, for a five-year term with an option to extend for another five years.
Managing director Dougal Forteath said during CCH's annual general meeting Tuesday (Oct. 27) that there have been 17 applications for the matching down payment program, with $23,000 provided and 11 people on the waitlist.
The goal is to help those on the wait list purchase a Vital Home and for current CCH Vital Home owners to purchase market housing within the town of Canmore with a price of $800,000 or less.
The accessory dwelling grant program offers up to $20,000 or up to 75 per cent of the cost to build a suite, or convert an illegal suite into one that meets the current building codes.
Forteath said there has been one application to date for the program.
"The uptake for this one has not been as strong as we hoped," he said, adding more work will be done to create awareness about it. "We hope over time people will inquire more."
Dowling also pointed to a new website for CCH that will make it easier for residents to find information about its various housing programs.
"The new website is easier to navigate and understand what we have to offer," he said.
CCH continues to work toward its next project in the Peaks of Grassi subdivision. While Canmore council is considering a loan guarantee bylaw, CCH has established a sub-committee to review design-build proposals for the 10-unit townhouse development.
"There are still decisions to be made and we are deliberating at a board level with regards to the Peaks development," Dowling said.
Its last project, Hawk's Bend, was successfully completed just over a year ago and saw a profit from its sales that was reinvested back into CCH housing programs.
There are currently 129 households on the wait list for the Vital Homes ownership program and 33 for the rental program.
"For the month of September, we had 100 per cent occupancy for all properties," Forteath said. "We have done well this year even with COVID-19."
CCH offered its tenants a discount on rents in April (25 per cent), May (20 per cent) and June (15 per cent) to assist those who may be financially struggling due to the shutdown.
Looking forward, Forteath noted two new rental apartment buildings will be nearing completion in the new year, which may affect CCH's occupancy rates.
"We feel very fortunate to have gotten to this stage in 2020 and have to work diligently in 2021 to address market demand and adjust accordingly," he said.
