The federal government has put $115.5 million behind a major housing project in Halifax.
The money is a low interest loan for a 12 story, 324 unit building on 3514 Joe Howe Drive, Interchange Place.
There are a number of conditions on the loan:
-Starting rents for all units must be 10% below the market rate
-76 units’ rents must be below 30 per cent of median household income for the area
-Of those 76 units, 65 are additionally capped at 21 per cent of median household income for the area
Ahmed Hussen, Minister of Families, Children, and Social Development, says the median income in the area is $89,510, which means a maximum rent in those 76 units of $2237.75/month, and in the 65 units of $1,566.42/month.
Those rent caps must remain in place for 21 years, though the numbers can change as median income grows.
Hussen says the money is coming through the Canada Mortgage and Housing Corporation’s Rental Construction Financing initiative, as part of the National Housing Strategy.
“Every Canadian deserves a safe and affordable place to call home,” he says. “This new affordable rental housing will provide families with better access to jobs, services and the amenities they need daily.”
The building is set to be finished in 2024.
