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An aging, 80-unit complex in northeast Edmonton will be replaced with a brand-new building after the province announced $49.5 million for affordable housing Wednesday morning.

The new 240-unit redevelopment will feature one- to five-bedroom homes as well as facilities for community organizations.

READ MORE: Controversial housing program to be reviewed by City of Edmonton

“By putting people first, we are helping families stay in their communities, close to loved ones,” Minister of Seniors and Housing Lori Sigurdson said on Wednesday. “Londonderry will be a model for building sustainable, accessible housing in Edmonton for many years to come.”

In a news release, the province said the facility will use an “innovative mixed-income model that bases rent on household income,” meaning if a resident’s income changes, their rent can change too. According to the province, this will allow residents to seek higher-paying jobs without the fear of losing their home.

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“Londonderry will be home to 240 families,” Greg Dewling with the Capital Region Housing Corporation said. “Home, despite changes to their financial situation; home to the relationships they have built; home to the schools their children attend; home to services they and the community will need.”

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The total cost of the development is $70 million and the Capital Region Housing Corporation will pay the remaining $20.5 million.

Construction is expected to be complete in fall 2021.

A government spokesperson said the funding for the project was promised in the 2017 provincial budget.