FEDERAL GOVERNMENT ANNOUNCES OVER $286 MILLION FOR NEW RENTAL HOMES IN NOVA SCOTIA

BEDFORD, NS, Nov. 15, 2023 /CNW/ - Today, the federal government announced over $286 million to build 710 purpose-built rental homes across five projects   in Halifax, Bedford and Truro. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made at 239 Gary Martin Drive in Bedorf by Lena Metlege Diab, Member of Parliament for Halifax West on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Janet Simm, President and CEO, Northwood Corporate.

Canada's construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. The federal government introduced the RCFi to help build more rentals across the country. This is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Quotes:

"We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.

– The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities  

"The peace of mind that comes with having a secure and stable home is invaluable. That's why I'm proud that our Government is helping create 710 new units - providing Nova Scotians in Halifax, Truro and here in Bedford with quality housing while supporting the local economy. We'll continue to use every tool in our toolbox to get more homes built faster for Canadians."

– The Honourable Lena Metlege Diab, Member of Parliament for Halifax West

"Housing is the bedrock of a prosperous community. These new units will support the unprecedented growth we're seeing in our city. Through the Rental Construction Financing Initiative, we will ensure that more Canadians have access to housing that meets their needs and that they can afford. We will reduce housing need, lift more Canadians out of poverty, and contribute to strong, more inclusive communities." 

– Andy Fillmore, Member of Parliament for Halifax   

"With the support of the CMHC Rental Housing Construction Financing initiative Northwood has been able to bring to life another affordable housing project for seniors at a time when there is a critical need for affordable housing in the province. We are so thankful for this support!"– Janet Simm, President and CEO Northwood Corporate

Quick facts:

Funding details for the five projects include:

• $17.2 million RCFi for 75 units at 239 Gary Martin Drive, Bedford ; $4.2 million from Northwoodcare Realty Inc in land and cash equity.
• $53.9 million RCFi for 124 units at 5858 Macara, Halifax; $7.6 million from 5858 Macara St. Ltd in land and cash equity.
• $12.9 million RCFi for 60 units at 118 Lyman, Truro; $1.1 million from 436732 Nova Scotia LTD; $90,000 from Energy Nova Scotia.
• $157 million RCFi for 350 units at 6070 Almon, Halifax; $27.5 million from Richmond Yards Inc in land and cash equity.
• $44.7 million RCFi for 101 units at 1114 Wellington, Halifax; $4.8 million from BANC Investments. Ltd in land and cash equity.
• The Government of Canada's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
• The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.

Related links:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
• Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Information on this news release: Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]