N.S., Ottawa spending $16.6 million on affordable housing units across province

The Nova Scotia and federal governments are spending $16.6 million on 10 affordable housing projects across the province.

In a release, the Department of Municipal Affairs and Housing said the projects will create 236 new rental units, with “more than half” offered at rents at or below 80 per cent of the local market average.

According to Rentals.ca, the average price of a one-bedroom apartment in Nova Scotia is $1,726. Eighty per cent of that is $1,380.

Krista Higdon, a spokesperson for the department, said the remainder of the units will be priced at market value.

“Through the Affordable Housing Development Program we are incentivising the construction of more units in NS which we desperately need, including affordable units,” she said in a statement. “We have a supply issue which contributes to increasing housing costs. All new units will help address the housing supply.”

The province will provide $9.1 million through its Affordable Housing Development Program and the federal government will provide $7.5 million through the National Housing Co-Investment Fund and the Canada-Nova Scotia Bilateral Agreement, under the National Housing Strategy.

Here’s where the units will be located:

• Stephen Jamael Property Rentals Inc, Sydney: $3.8 million for 36 units (2 projects);
• Future Growth Co-op Ltd., Sydney Mines: $3.9 million for 22 units;
• Atlantic Edge Properties Inc., Guysborough – $1.35 million for 36 units;
• Tata Holdings Inc., Tatamagouche: $1.2 million for 21 units;
• Meech Holdings Ltd., Truro: $3 million for 56 units;
• Six Point Star Homes Ltd., Amherst: $680,000 for eight units;
• Innovare Properties and Developments Ltd., Alma, Pictou County: $1.25 million for 28 units;
• S.W.H Construction Ltd.,Shelburne: $350,000 for five units;
• Grand Multip Properties Inc., Barrington: $900,000 for 24 units.

The release said the projects are part of the Affordable Housing Development Program, “through which the Department of Municipal Affairs and Housing partners with private developers and community housing groups to encourage and help fund the construction of new affordable housing.”

It said the program was recently improved to reduce the equity requirement for non-profit applicants from 20 per cent to five per cent, and to create a more streamlined process for developers.