Minister Ahmed Hussen joined me virtually to announce a multi-million-dollar low-cost loan to help construct the new residential building located at 1020 Micmac Blvd in Dartmouth.
Because of this agreement, 109 out of the 148 units will have rents well below 30% of median household income in the area. And at least 57 of these units will be held at affordable rent levels for a minimum of 21 years.
Vacancy rates in Dartmouth are dangerously low, at 1.3%. We need more housing supply. We must do everything we can to ensure that more permanent housing and that more affordable housing is built.
The National Housing Strategy has many streams that organizations or builders can use for funding or financing in order to produce more housing.
CMHC’s Rental Construction Financing initiative (RCFi), supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
This is just one of a number of initiatives in the National Housing Strategy. For example, the Rapid Housing Initiative has supported great projects here in HRM, like Adsum for Women & Children‘s construction of Pam’s Honour, a 25 unit modular housing project for women and their children, as well as people with physical disabilities.
The National Housing Strategy is also supporting the new Bryony House emergency crisis shelter for women and girls here in Dartmouth.
You can learn more about the National Housing Strategy here:
https://www.placetocallhome.ca/