Nice blog entry from Paula Arab on the Housing First Initiative for Calgary.
First Calgary steps up to help Housing First
By Paula Arab Thu, Feb 18 2010 COMMENTS
Got an update today on the city's plan to end homelessness in 10 years. It was hopeful. There is a plan that actually might work. It even involves First Calgary Savings, Alberta's second largest credit union. They have given the Calgary Homeless Foundation, which adminsters the 10-year plan, an interest free $5 million line of credit. The purpose is to have the cash available for the foundation to purchase large parcels of land or buildings that could be used for affordable housing units. As the money is paid back, the foundation can draw it down again, in a gift that keeps on giving. The bank donates a cheque to the Calgary Housing Foundation once a year, in the amount totalling the interest the organization paid on the loan. The foundation uses that to knock of $300 in rent per unit, thereby subsidizing the housing for those who can't afford paying market rent...
http://communities.canada.com/CALGAR....aspx?sub=True