Affordable Housing Reserve
The City's housing programs are funded by the Affordable Housing Reserve, formerly known as the Social Housing Reserve.
The Reserve was initially set up in 1987 to provide a 5% municipal contribution to federal- and provincial-funded social housing projects. The amount was later increasted to provide up to a 10% grant for a wider range of affordable housing projects.
Where does the Affordable Housing Reserve get its Funding?
Most of the funds in the Reserve have come from revenue generated on the sale of City-owned lands. The City of Saskatoon is the only City in Canada that has maintained and expanded its role as a land bank. This is not a levy on top of the sale price of land, but is a redirection of some of the profits from land sales.
How Much Funding has gone into the Affordable Housing Reserve?
Approximately, $14.4 million went into the reserve from 1987 to 2007 which supported the creation of over 2,400 housing units, including social (public) housing, private sector affordable housing, and new homeowner co-operatives.
Between 2008 and 2012, City Council allocated $14.9 million to the reserve which supported the creation of 2,534 housing units including transitional housing, affordable rental, affordable ownership, market rental and entry level units. Since 2013 $4 million has been allocated to the reserve.
The Affordable Housing Reserve is administered by City Staff who make recommendations to City Council regarding funding for specific projects.
Other Reserve Activities
The Affordable Housing Reserve has supported other activities related to building the capacity of the community to meet housing needs, including housing demonstration projects, housing research and business planning support through the Saskatoon Housing Initiatives Partnership.