The Canadian government is continuing to fund affordable housing developments across the country.
Ahmed Hussen, Canada’s minister of families and social development, as well as the minister responsible for the the Canada Mortgage and Housing Corporation (CMHC) announced this morning that the federal government is investing in an affordable housing development in Bedford, Nova Scotia.
“The opening of Northwood Place allows us to provide this Campus model option in the Bedford area. Without the support of CMHC, this project would not have been possible.” said Janet Simm, the president and chief executive officer of Northwood.
The project is a four storey residential building that will contain 73 housing units. It is geared towards providing affordable housing to senior citizens. The federal government is providing a low interest insured loan of $14.75 million to help construct the housing project.
The building is designed to be energy efficient and will be close to public transit and services so that middle income seniors can be independent.
The project which will be developed by Northwood, is part of the CMHC’s Rental Construction Financing Initiative (RCFi), which is a National Housing Strategy (NHS) program. The goal of the NHS is to promote a steady supply of affordable housing options in expensive housing markets across the country.
“Every Canadian deserves a safe and affordable place to call home. Through changes made to the Guaranteed Income Supplement and Old Age Security, we also want to make sure seniors can retire in dignity,” said Hussen in a press release.
“With the National Housing Strategy, our Government is increasing the number of rental units for middle-income Canadians by providing affordable housing options that are close to public transit, schools and local services.”
The federal government has already invested in affordable housing projects. Earlier this month, the government announced a $115 million investment into an affordable housing project in Ottawa.