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Olds developing more affordable housing

Olds is getting 60 more affordable, supportive housing beds for seniors to be developed by Vantage West Development Corp.

Olds is getting 60 more affordable, supportive housing beds for seniors to be developed by Vantage West Development Corp.

On Monday, the province announced eight organizations would share $48.2 million in funding from its Affordable Supportive Living Initiative to help construct 511 new affordable supportive living and 30-long-term care beds in six Alberta communities.

Vantage West Development Corp. received $5.3 million to help build Sunrise Village II.

The affordable spaces in Olds will be part of a 100-unit project. The 60 affordable beds will provide level four supportive care, the highest level of seniors care available below long-term care.

The other 40 spaces will provide level three supportive care and will be available at market-level prices.

Olds has about 230 supportive living beds — 143 at Mountview Lodge, about 75 at Sunrise Village and 12 at Olds Residence.

Affordable Supportive Living Initiative is available to municipalities, non-profits, housing management bodies, local housing authorities, community organizations, Métis settlements and private sector companies.

Organizations must sign the grant funding agreement within six months and construction must start within the next six months. Projects are to be completed within 24 months of signing the agreement.