April 18, 2008
(Red Deer, Alberta) – Grant funds awarded to the 65-unit wheelchair accessible apartment complex, Monarch Place, were returned to The City earlier this week. The apartment complex was constructed in 2005 as a part of the affordable housing strategy.
“We are pleased that the developer of Monarch Place, the Innovative Housing Society, has agreed to return the grant funds after the sale of the building in 2007,” said Scott Cameron, Social Planning Manager. “We are currently preparing a request for proposals to reallocate this money back to the community in support of new housing initiatives in our city”.
With the return of the funds, all legal action being taken by The City has been discontinued.
“This situation has informed our work with the other orders of government in developing strategies, such as the new Community Capital Retention Policy, to ensure we protect the stock of affordable housing in our city and the interests of our citizens,” said Cameron.
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For more information, please contact:
Scott Cameron
Social Planning Manager
The City of Red Deer
403-342-8101
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