Released on September 23, 2013
Through the combined efforts of the Government of Saskatchewan, the City of Saskatoon and Stewart Property Holdings, a vacant rooming house located at 525-20th Street will re-emerge as an affordable home for 12 Saskatoon individuals and families.
The $1.5 million project is being undertaken by developer Stewart Property Holdings. The Government of Saskatchewan, through Saskatchewan Housing Corporation, is contributing $490,000 to the initiative from the provincial Summit Action Fund. The remaining funding of $1,060,000 will be provided through private lender financing, with an additional $2,500 contributed by the City of Saskatoon for the rehabilitation of the building facade.
“We are pleased to work with Stewart Property Holdings and the City of Saskatoon to help breathe new life into a neglected and abandoned building that has existed in this community for many years,” Saskatoon Sutherland MLA Paul Merriman said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude. “Together with our partners, we are creating safe, quality and affordable homes for 12 Saskatoon individuals and families, and improving housing supply in this growing city. Building a better life for all Saskatchewan people is a key part of the Saskatchewan Plan for Growth.”
“Our motto is ‘changing our communities, one building at a time’, and this project is a clear example of how that can happen when we have great partners,” Stewart Property Holdings Developer Tyler Stewart said. “The Government of Saskatchewan has shown a deep commitment to creativity and innovation that encourages the development of affordable housing. We feel fortunate to have so much support, which will allow us to keep doing these types of projects. We are creating dignified, quality housing at below market rents in Riversdale, while still revitalizing and attracting new people to the area.”
This project is aligned with a number of strategic priorities that were outlined in the Government of Saskatchewan’s Provincial Housing Strategy. These priorities include the need to increase housing supply, to improve housing affordability and to support individuals and families in greatest need of housing. Since November 2007, 1,029 affordable rental units have been completed in Saskatoon. An additional 52 rental units are currently under construction in Saskatoon including 525-20th Street West.
The building, which was constructed in the early 1900s and has been vacant since 2009, will have two residential floors converted to 12 one- and two-bedroom suites. Commercial space will be available on the main floor. The historic building is within walking distance to downtown and accessible to amenities including a food store, medical clinic and community centre.
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For more information, contact:
Linda Saliken
Social Services
Regina
Phone: 306-787-0246
Email: linda.saliken@gov.sk.ca