A second action in the EndPovertyEdmonton Implementation Road Map is now underway! Just a few days after City Council approved the Implementation Road Map we received funding for a low-income bus pass (action #18) and now City Council has given the go ahead to produce a business case for a Community Development Corporation (action #31).
EndPovertyEdmonton has just received $100,000 to complete a business case for a CDC, which will then be presented back to City Council in the Fall of 2016. We are excited to work with any new potential partners and our existing community partners, including Edmonton Community Foundation, Homeward Trust and United Way of the Alberta Capital Region, who have already committed $8750,000 towards operating funds and another $10,000,000 in debt financing for community economic development ventures.
The creation of a Community Development Corporation is a flagship action (#31) in the Road Map. It will support the creation of affordable and supportive housing and initiate community economic development opportunities. As a community rooted entity, it will activate new resources and open the doors to equity and new investment while leading projects that generate tangible benefits to local communities, including jobs, skills training, safety and business growth.
What is a Community Development Corporation?
A CDC is a non-profit company that creates and expands economic opportunities for low and moderate income people. CDC’s often work in a specific geographic area and targets high-needs communities that experience significant social and economic challenges such as high rates of poverty, unemployment and crime, as well as a lack of social support, affordable housing and economic opportunities.
Functions: creates new affordable housing options, stimulates local economic development, develops human and community capacity
Features: rooted in low-income communities, focused on delivering Community Economic Development, nimble and entrepreneurial, able to integrate and leverage multiple poverty reduction strategies
Benefits: helps lift individuals and communities out of poverty, concentrates and levers resources in targeted communities, fills a niche in residential and commercial development.
For more information, please read our full concept paper, Edmonton Community Development Corporation: Making the Case.