WOLFVILLE, N.S. – An investment announced by the federal government will mean more affordable housing options for middle-class families in the Wolfville area.
Kings-Hants MP and President of the Treasury Board Scott Brison announced an $8.2 million investment in affordable housing in Wolfville on Nov. 15. It involves funding and constructing 48 new rental housing units so that more middle-class families in the town have an affordable place to live.
The funding for the construction of Woodman’s Grove Residences, phase five, a four-storey building, is being provided through the Canada Mortgage and Housing Corporation’s (CMHC) Rental Construction Financing initiative (RCFi). All 48 units will feature rents at or lower than 30 per cent of median household income in the area and at least 10 per cent of the units will be accessible.
For the families that eventually move into the units, Brison said, the project will contribute to building a better foundation for their social and economic success while creating new jobs that will help stimulate the local economy.
“Our government is investing in healthier energy efficient homes and this is wonderful news for the Wolfville middle-income families that will move into these new affordable rental housing units,” Brison said.
The project will provide affordable housing options close to public transit, schools and services for modest and middle-income households. The intended result is for these families to enjoy better social outcomes and for them to contribute to a vibrant, socially inclusive neighbourhood.
The RCFi is a national housing strategy delivered by CMHC. It supports affordable rental housing across the country for middle-class families struggling in expensive housing markets.
Polycorp founder and president Peter Polley said they are very proud to have had their project at the Woodman Grove Residences selected to participate in the federal affordable housing initiative.
“This innovative new funding will allow us to focus more attention on building affordable, super energy efficient housing in our markets,” Polley said. “The program recognizes and prioritizes our commitment to green construction practices as the way that things should be done to provide housing to Canadians.”
He said the RCFi program reduces the amount of equity that they have to tie up in affordable housing projects so that they move on to the next while simultaneously reducing their cost of capital. They hope and plan to participate in the program with a second application in the near future.
Did you know?
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the government increased the amount for low-cost loans provided through this initiative from $2.5 billion to $3.75 billion from 2018 to 2021.
- The RCFi will encourage the construction of more than 14,000 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30 per cent of Canadians.
- Phase five of Woodman’s Grove Residences will achieve energy savings of 73.7 per cent and a reduction in greenhouse gas emissions of 26.2 per cent.