PARRY CRESCENT

In 2005, a need for affordable housing options for small business was recognized by Fort McMurray’s MLA Guy Boutilier. Small business employers often can’t offer wages competitive with larger operations and experience difficulty retaining employees. Wood Buffalo Housing & Development Corporation worked to develop two different affordable housing options for Fort McMurray’s small business employers and employees.

The first was an Employer Development opportunity; a lot draw available to qualifying small business owners who wished to build, sell or lease a home to an employee. Twenty-six lots in Prospect Pointe were sold under this program and all homes are now completed and occupied.

The second program was Employer Assisted Home Ownership, and involved a unique financing structure. Wood Buffalo Housing & Development Corporation developed 24 single family homes in Prospect Pointe and sold them to qualifying small business employees. The financing model offered by Wood Buffalo Housing & Development Corporation was the same as the home ownership program but, in addition, a down payment was provided by the employer. All homes in this development were sold and occupied.