Dartmouth apartment building will have 109 affordable housing units thanks to federal government loan
An apartment building under construction in Dartmouth, Nova Scotia, will include 109 affordable units, thanks to a deal that will see the federal government provide the developer with a $ 44.6 million low-interest loan.
The 15-storey apartment building of the Armor group at 1020, boul. Micmac. will have 148 apartments in total. The Canada Mortgage and Housing Corporation loan has a repayment period of 50 years.
“These are the factors that really impact our ability to think long term,” said Scott McCrea, President of Armor Group. “It changes our perspective on the ability to provide affordable housing and allow these developments to happen.”
Funding comes from the Rental Construction Finance Initiative, a national program that encourages the construction of affordable rental housing in expensive real estate markets.
The announcement was made Friday from Ottawa by Ahmed Hussen, the Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation.
Of the 148 units, 109 will have rents at least 20% below the region’s median household income, Hussen said. He said 57 of those units will have affordable rents for at least 21 years.
Great need for affordable housing, says local MP
Dartmouth-Cole Harbor MP Darren Fisher said there is an urgent need for affordable housing near the Dartmouth core that has access to public transit.
“Every day I see firsthand the housing problems in this province,” he said. “And when I speak with constituents, they constantly mention that their number one concern is either the availability of housing, or the affordability of housing, and sometimes both.
The building will also include storage space on the ground floor for up to 75 bicycles to encourage travel along nearby cycle paths.
McCrea said the building is expected to be completed in the summer or fall of next year.
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