20 new affordable homes in New Glasgow

NEW GLASGOW, NS, Oct. 18, 2024 /CNW/ – Today, the federal government, the provincial government, and Nova Scotia Co-operative Council announced they had contributed nearly $4 million in combined funding to help build 20 affordable homes in New Glasgow.

Owned and operated by Nova Scotia Co-operative Council, Coady’s Place, Phase 2 – located at 917 East River Road – has studio, one-bedroom, and two-bedroom apartments for low-income individuals, seniors, and families.

The apartments are fully furnished, with power, heat, water and waste management costs included in the rent. Of the twenty units, four are accessible, and all the common areas are barrier free, ensuring that individuals with mobility challenges can live there comfortably.

In May 2022, Coady’s Place received close to $2.1 million in federal funding to support 36 new affordable apartments for individuals and families in New Glasgow under the Rapid Housing Initiative for Phase 1. The project also received $3 million from the Nova Scotia Department of Municipal Affairs and Housing for operating support and to help ensure affordability of the housing units.

Funding for this project include:

$500,000 as a forgivable loan from the federal government’s Affordable Housing Fund.
$496,125 as a low interest, repayable loan from the federal government’s Affordable Housing Fund.
$77,619 from the federal government through Canada Mortgage and Housing Corporation’s SEED funding program.
$1.5 million from the Province of Nova Scotia’s Affordable Housing Development Program.
$305,593 in land and cash equity from Nova Scotia Co-operative Council.

Quotes:

“Affordable housing is one of the core issues facing our community and this investment in phase two of Coady’s Place will provide more people and families a safe and affordable place to call home. We will continue to work with partners to invest in affordable housing projects here at home and across the country.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Across the province, we’re hearing from Nova Scotians who are struggling to find a place to call home, and we’re working to change that. We’re grateful to be partnering with Coady’s Place and with the federal government to help bring more affordable housing to New Glasgow.”– Pat Dunn, Member of Legislative Assembly for Pictou Centre, Province of Nova Scotia, on behalf of the Honourable John Lohr, Minister of Municipal Affairs and Housing

“We are thrilled to officially open Coady’s Place Phase 2, which will provide safe, affordable housing to 28 individuals including seniors, woman and their children, and newcomers. We won’t stop this critically important work, until every person who needs a safe, affordable place where they can lay their ‘head on a pillow”, has one. We hope our Federal and Provincial governments will continue to support us in this mission.” – Dianne Kelderman, President and CEO, Nova Scotia Co-operative Council

Quick facts:

The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable homes and renovate and repair existing, affordable and community housing.
This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
As of June 2024, the federal government has committed $54.28 billion through the NHS to support the creation of over 149,000 units and the repair of over 288,000 units.

Additional Information:

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, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.