Want Safe Dividend Income in 2024 and Beyond? Invest in the Following 3 Ultra-High-Yield Stocks.
Finding stocks with healthy dividend yields isn’t too tough of a task. Finding above-average yields based on dividends that will be sustained into the foreseeable future, however, is a different story. Sometimes yields are only high because investors are dumping a stock, sensing bad news is on the horizon.
With that in mind, here’s a closer look at three ultra-high-yield stocks paying dividends that are indeed well protected, and should remain so for a long while.
1. British American Tobacco
You likely recognize that the worldwide smoking-cessation movement is still gaining traction, posing a threat to British American Tobacco (NYSE: BTI). Although the parent to cigarette brands Pall Mall, Camel, and Lucky Strike is also developing vaping and heated-tobacco businesses, smoking remains its breadwinner, accounting for more than 80% of its top line.
Except, smoking isn’t anywhere as close to its end as you might think.
Although smoking prevalence is down from 33% of the global population in 2000, the World Health Organization reports there are still roughly 1.3 billion regular smokers on the planet today. Population growth has offset much of the effort to encourage quitting. This progress is slowing down, too. The WHO predicts that by 2030, 18% of the world’s population will still be smoking on a regular basis.
That’s not a suggestion to simply ignore the eventual end looming here. British American Tobacco itself says it’s “committed to building a smokeless world” by developing alternatives to smoking tobacco. It’s just that this inevitable end is years down the road, and even though the company’s top line is now shrinking, there’s still plenty of profit left to not only prolong the business’s fruitful life, but continue funding its dividend as well.
That’s a dividend, by the way, that’s steadily grown for years now, loosely in step with modest profit growth that’s apt to persist. Today’s newcomers will be buying it while the stock’s forward-looking yield stands at a hefty 8.4%.
2. Verizon
If you know Verizon Communications (NYSE: VZ) at all (and you most likely do), then you likely recognize how modest its growth prospects are. Its number of landline phones is shrinking, and Pew Research reports that 97% of adults living in the United States also already own a mobile phone. At best, Verizon can only hope to poach a few competitors’ mobile subscribers without losing any of its own paying customers in the meantime.
What this telecom company lacks in growth potential, however, it more than makes up for in a consistent profitability that supports its equally reliable dividend.
Fact: People are fiercely addicted to their cellphones. Owners are staring at them on the order of four hours per day, checking them several dozen times even without a chime or vibration, according to a survey by Reviews.org. Indeed, most mobile phone owners report feeling anxious without their phone, while some indicate feeling a sense of panic when their device’s battery is nearly depleted.
Looking past the mental health concerns raised by the data, it’s clear that consumers aren’t willing — or even able — to let go of their phones now. They’ll pay to remain connected. Verizon just needs to offer them a competitive price. Given its market-leading scale, that’s typically not a problem for Verizon. The company has reported positive earnings before interest, taxes, depreciation, and amortization (EBITDA) every quarter for well over a decade.
More relevant to income-minded investors, Verizon has not only paid a quarterly dividend like clockwork since the company was formed as consumers know it back in 2000, but has also raised its annual dividend payment every year since 2005. You can plug into this reliable growth while the stock’s forward-looking dividend yield is a solid 6.3%.
3. Ambev
Last but certainly not least, add Ambev S.A. (NYSE: ABEV) to your list of ultra-high-yield dividend stocks to buy while its forward-looking yield stands at just under 6.5%.
Ambev is the combination of a handful of beer companies, with the most noteworthy of these combinations being 2004’s merger with Belgium’s Interbrew, followed by 2008’s acquisition of Anheuser-Busch. You’re of course familiar with Anheuser-Busch’s Budweiser, Michelob, and Busch brands. Ambev owns a far greater number of less familiar craft brands, however, some of which you can only find overseas. In fact, the bulk of the company’s revenue actually comes from Latin America.
That hasn’t exactly mattered a whole lot of late. Although beer consumption is holding up better outside of the United States than it is within it, it’s not exactly seeing robust growth anywhere. Inflation is taking its toll on consumers, crimping demand. In this vein, Ambev’s total volume of beer sold through the first half of this year is barely better than even with last year’s comps.
The message being delivered by the data, however, looks past a couple of key points about the business.
The first of these is simply that true beer fans remain willing to pay a premium for the higher-end beers that Ambev S.A. offers. Industry research house GlobalData notes sales of premium beers are outpacing non-premium beer sales, and are likely to continue doing so for the foreseeable future. This theme jibes with Ambev’s recent revenue growth outpacing its volume growth.
And the second noteworthy detail to consider? Beer is somewhat cyclical anyway. It’s a bit out of favor now, ceding to growing interest in wine and spirits. But give it time. Consumers have a way of coming back around, perpetually searching for something different.
Ambev’s dividend payments are anything but consistent, for the record — the result of an overseas company doing so much foreign business of its own. So, plan accordingly. With its strong yield and track record of long-term growth though, the erratic payouts are worth it.
Should you invest $1,000 in British American Tobacco right now?
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James Brumley has no position in any of the stocks mentioned. The Motley Fool recommends British American Tobacco P.l.c. and Verizon Communications and recommends the following options: long January 2026 $40 calls on British American Tobacco and short January 2026 $40 puts on British American Tobacco. The Motley Fool has a disclosure policy.
Want Safe Dividend Income in 2024 and Beyond? Invest in the Following 3 Ultra-High-Yield Stocks. was originally published by The Motley Fool
Spirit Airlines Extends Debt Deadlines, JetBlue Founder Suggests Frontier Group A More Suitable Match
Spirit Airlines, Inc. SAVE announced that on October 11, it modified its card processing agreement to extend the deadline for its 2025 notes from October 21 to December 23 and the early maturity date from December 31 to March 3.
The budget airline was in the process of renegotiating an agreement with the U.S. National Bank Association concerning the processing of payments made to it through Visa or MasterCard credit cards, per an exchange filing (dated October 18).
The Wall Street Journal had earlier reported that Spirit was in discussions with bondholders regarding the conditions of a possible bankruptcy filing.
According to Benzinga Pro, SAVE stock has lost over 90% in the past year.
On October 15, Spirit indicated that it had fully utilized the $300 million available under its revolving credit facility and anticipated finishing the year with more than $1 billion in liquidity.
Since the pandemic, Spirit has not reported a profit, and its future as an independent airline became unclear after a federal judge halted its merger with JetBlue Airways Corporation JBLU, reported Skift. Additionally, problems with Pratt & Whitney engines have forced the airline to ground parts of its fleet.
According to Benzinga Pro, JBLU stock has gained over 82% in the past year. Investors can gain exposure to the stock via Themes Airlines ETF AIRL and LeaderShares Activist Leaders ETF ACTV.
Spirit has reported losses in almost every quarter since February 2020, per data from Benzinga Pro. For the 2024 fiscal year second quarter, the company reported an adjusted net loss of $157.9 million.
According to a report by Quartz, JetBlue’s founder further escalated matters following the airline’s unsuccessful merger attempt with Spirit Airlines.
David Neeleman, who left JetBlue in 2007 and now runs Breeze Airways, told the Washington Post that Spirit should have pursued a merger with Frontier Group Holdings, Inc. ULCC instead. However, JetBlue made a more attractive offer to partner with Spirit. After a judge blocked the JetBlue-Spirit merger on antitrust grounds in January, both companies ultimately abandoned the effort in March.
In a release dated August 1, the company announced that it is on track to realize $100 million in annual run-rate cost savings, with around $75 million anticipated to be achieved by the end of 2024.
Compared to the third quarter of 2023, in the third quarter of 2024, the company will have exited 42 markets while adding 77 new ones, offering more routes on specific days of the week to facilitate expansion with a lower risk profile, and aggressively managing capacity to better align with seasonal and daily demand fluctuations.
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Florida Not-for-Profit acquires future St. Petersburg retirement community
ST. PETERSBURG, Fla., Oct. 18, 2024 /PRNewswire/ — On October 3, Convivial Life, a Florida not-for-profit organization, acquired The Manhattan–St. Petersburg, a new senior living development project along the coastal waterway of the Boca Ciega Bay in the Skyway Marina District. The planning has been underway for months by the developer, LifeStar Living, who organized the purchase of the land in 2021.
“We’re delighted to realize this opportunity,” says Joel Anderson, representative for Convivial Life and the CEO of LifeStar. “We’ve envisioned from inception that Convivial was most suitable to be the not-for-profit owner of the project.”
Convivial St. Petersburg is the third Florida-based senior living project owned and operated by Convivial. In 2022, LifeStar facilitated the acquisition of two existing communities, The Cabana at Jensen Dunes, Jensen Beach, and Jacaranda Trace, Venice, both with future expansion plans. “Our vision is to carefully grow Convivial so our brand matches the ideal value retirees are seeking for membership-style retirement living,” says Jessica Kraft, EVP, Marketing & Sales. We want to establish quality communities with well-appointed amenities and accommodations that fulfill retirees’ preferences and the lifestyle they deserve.”
During the acquisition process, Convivial completed its preliminary certificate of authority with Florida’s Office of Insurance Regulation in becoming a licensed continuing care retirement community (CCRC) that enhances the future project’s offerings by giving residents priority access to a full continuum of care including home health, assisted living, memory support, and skilled nursing care, if ever needed. “Most retirees relish over our resort-style amenities and programs that we offer with multiple dining venues, fitness and wellness, arts & leisure, and more; however, the underpinning of 5-star healthcare elevates retirees’ peace of mind when they choose to be part of one of our communities,” says Anderson, who has directed multiple CCRCs along Florida’s Gulf Coast.
Original plans were to complete the project in two phases, but Convivial is now planning to construct the entire project as a single phase that will offer 170 one- to three-bedroom apartment homes ranging from 1,065 to 2,470 square feet with all residences having private balconies overlooking the coastal waterway, historic Skyway bridge, and nearby redevelopment of the Tropicana field. Reservations are being taken by Convivial with new pre-construction pricing that includes discounts on upfront membership fees, expanded benefits for dining, care coordination, and substantial savings on future healthcare. “Convivial brings new savings and incentives for our first-generation members, especially with Convivial’s ability to access tax-exempt bond financing for the construction of the project where member’s monthly maintenance fees are lower and more predictable long-term.”, says Kraft, “Our early depositors are securing significant savings and benefits, as well as their preferred views and locations. Exclusive depositor events are also allowing these early members to create new friendships with their future neighbors and to shape the future culture of the community.”
For information on pricing and new inventory, call Convivial St. Petersburg at 727-353-6162.
About Convivial St. Petersburg
Convivial St. Petersburg is the boutique senior living community coming soon to the vibrant St. Petersburg Skyway Marina District. Offering a concierge lifestyle, it will feature sophisticated living spaces, exceptional services, and curated amenities that set a new standard in elevated senior living. With a focus on fulfilling not only members’ daily needs, but also their highest aspirations, Convivial St. Petersburg will deliver a retirement experience unlike any other. For more information, visit www.ConvivialStPete.org.
About Convivial Life
Convivial Life is a mission-driven, not-for-profit organization that operates vibrant senior living communities that promote an active lifestyle and opportunities to enjoy life to its fullest. They are inspired to create first-class communities centered in love, life, and laughter, offering distinct residences, desirable amenities, and tailored wellness and healthcare support. If you would like to learn more about Convivial Life and their family of communities, visit their website at https://conviviallife.org/
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SOURCE Convivial St. Petersburg
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Dan Ives Expect $1 Trillion in Artificial Intelligence (AI) Infrastructure Spending in the Next 3 Years. Here's My Top Pick to Benefit
Dan Ives is an equity research analyst at Wedbush Securities. He covers the biggest names in the technology sector, and always seems to have a bead on the latest megatrend.
Right now, artificial intelligence (AI) is the biggest headline-grabber in tech. But one area of AI that could be overlooked is information technology (IT) infrastructure. What does that even mean?
Here’s how infrastructure fits into the AI narrative, and why Super Micro Computer (NASDAQ: SMCI) is my top pick to play the trend.
IT infrastructure is a huge opportunity
Developing AI requires some sophisticated protocols across hardware and software. One of the most important pieces to this puzzle are chipsets known as graphics processing units (GPUs).
Nvidia and Advanced Micro Devices are two leading GPU developers at the moment, but other big tech stalwarts including Microsoft, Amazon, and Meta Platforms are looking to get in on the action.
Investing into these types of products falls under an accounting category called capital expenditures (capex). During a recent interview on CNBC, Ives suggested that AI capex will be a $1 trillion market during the next three years.
So with that said, why do I think Supermicro is a hidden gem?
Why Supermicro could benefit
Selling GPUs and accompanying software is only part of the equation. These important AI-powered products are housed in huge data centers. Within these data centers sit enormous storage racks that hold GPUs in very specific architecture designs. This is where Supermicro comes into play.
Supermicro is an IT architecture specialist that designs how GPUs fit in storage clusters. The company works closely with both Nvidia and AMD, and I see a couple of obvious catalysts on the horizon.
Specifically, sales of Nvidia’s new Blackwell series GPUs are projected to reach the multibillion-dollar mark by the end of the year, according to management and Wall Street analysts. I surmise Supermicro will be heavily involved in the specifics pertaining to how these new products will optimally be housed in data centers, and see Blackwell as an important tailwind for the company.
Furthermore, I would not be surprised to see Supermicro broaden its reach in the IT infrastructure landscape as others in big tech start releasing their own chips. To me, rising capex is an obvious catalyst that could power Supermicro’s business for years to come.
With all of this said, there are some important things to consider before pouring into Supermicro stock.
An attractive valuation, but be careful
Although Supermicro’s price-to-earnings (P/E) multiple has been coming down throughout 2024, the graph below illustrates some notable decline during the past couple of months.
There are two big forces that have led to a sell-off in Supermicro stock. First, the company’s earnings report from early August showed how volatile Supermicro’s gross margin can be. Ideally, growth investors want accelerating revenue, expanding margins, and rising profits. Supermicro’s business is not that straightforward.
Infrastructure businesses are going to carry lower-margin profiles than software businesses or companies with pricing power. Candidly, I think investors were simply hit with a reality check and need to accept that Supermicro’s profit margin may ebb and flow from time to time.
The other factor at play here is that Supermicro found itself the subject of a report published by short-seller Hindenburg Research in late August. While short reports are often perceived as a negative, there’s one important caveat to point out: short-sellers have a vested interest in seeing a share price fall.
Although Supermicro did delay the filing of its annual report after Hindenburg’s report claimed the company manipulated its accounting, not much else has come from the short report besides speculation and a cratering stock.
I will concede that investing in Supermicro carries some risk at the moment. But thinking longer-term, I see increased investments in capex and IT infrastructure as a secular tailwind that could fuel Supermicro’s business for the long run.
For these reasons, I see Supermicro as the best positioned company to benefit from opportunities in AI IT infrastructure.
Don’t miss this second chance at a potentially lucrative opportunity
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Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Adam Spatacco has positions in Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
Dan Ives Expect $1 Trillion in Artificial Intelligence (AI) Infrastructure Spending in the Next 3 Years. Here’s My Top Pick to Benefit was originally published by The Motley Fool
Tentative Deal Announced To End Boeing Strike, Union Will Vote Wednesday
A preliminary agreement was reached to resolve the five-week strike at Boeing, the troubled aircraft manufacturer. The union informed its 33,000 striking members early Saturday.
The International Association of Machinists and Aerospace Workers announced that members will vote on the proposal this Wednesday.
The proposal includes several key terms:
Wages will see a total increase of 35% over four years, broken down as 12% in Year 1, 8% in Year 2, 8% in Year 3, and 7% in Year 4. The Aerospace Machinists Performance Plan (AMPP) incentive plan will be reinstated, offering a guaranteed minimum annual payout of 4%, with the first payout expected in February 2025.
For retirement benefits, the company will match 100% of the first 8% contributed to the 401(k), along with a guaranteed Special Company Retirement Contribution of 4%. Additionally, there will be a one-time contribution of $5,000 to each member’s Boeing 401(k).
Also Read: Boeing’s Q3 Earnings Face Turbulence: Strikes, Layoffs, Safety Woes Ahead
In terms of pensions, the Boeing Company Employee Retirement Plan (BCERP) multiplier benefit will increase to $105 for vested employees. There will also be a one-time ratification bonus of $7,000. Lastly, the sick time call-out policy will revert to the language in the existing contract, removing the requirement to call in before shifts.
Boeing stands as the largest exporter in the United States, contributing approximately $79 billion annually to the economy. This supports 1.6 million jobs, both directly and indirectly, across 10,000 suppliers located in all 50 states.
The strike took place just a month after Kelly Ortberg began his role as the new CEO, who has expressed a desire to “reset” the strained relationship between the company and the union, reported CNN.
According to an estimate from Standard & Poor’s, the company has been incurring losses of around $1 billion per month because of the strike, adding to its existing financial challenges.
It has also revealed intentions to reduce its global workforce by 10%, which amounts to approximately 17,000 out of its 171,000 employees, CNN added. The strike has disrupted the production of nearly all of its commercial aircraft, and the company typically receives the majority of its revenue from plane sales upon delivery.
If the members approve the contract, it will supersede an agreement reached in 2008 following a two-month strike.
Boeing later stated in securities filings that this strike led to a revenue drop of approximately $6.4 billion that year, as it delivered 104 fewer aircraft than anticipated, per a news report by The New York Times.
Boeing Q3 Preview: On October 11, Boeing said it will recognize impacts to its third-quarter financial results related to charges for programs across its Commercial Airplanes and Defense, Space & Security segments and the ongoing assembly workers strike.
The company anticipates pre-tax earnings charges of $3 billion on the 777X and 767 programs in the Commercial Airplanes segment and expects pre-tax earnings charges of $2 billion on the T-7A, KC-46A, Commercial Crew and MQ-25 programs in the Defense, Space & Security segment.
Boeing expects to report third-quarter revenue of $17.8 billion, GAAP loss per share of $9.97 and negative operating cash flow of $1.3 billion.
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Spirit Airlines debt refinancing deadline extended to December
By Rajesh Kumar Singh
CHICAGO (Reuters) – Spirit Airlines said on Friday it has reached an agreement with its credit card processor to extend a debt refinancing deadline by two months until Dec. 23.
The extension agreement with U.S. Bank National Association provides some breathing room to Spirit to refinance its $1.1 billion loyalty bonds due to mature next year. The previous refinancing deadline was Oct. 21.
The Florida-based discount carrier also said it has fully drawn down its $300 million revolving credit facility and expects to end this year with over $1 billion in liquidity.
Spirit has been losing money despite strong travel demand. It has failed to report a profit in the last five out of six quarters, raising doubts about its ability to manage looming debt maturities.
Those concerns have hammered its shares, which have slumped about 91% this year compared with a 31% gain in S&P 500 passenger airlines index.
In a regulatory filing, Spirit said it is still in “active and constructive discussions” with its bondholders about the upcoming maturities.
Spirit has been facing an uncertain future after the collapse of its $3.8 billion merger deal with JetBlue Airways. It has warned of a bigger third-quarter loss due to a tough race for price-sensitive leisure travelers and an oversupply of airline seats in the domestic market.
It is also among the airlines most heavily affected by issues with RTX’s Pratt & Whitney Geared Turbofan engines, which have forced it to ground multiple aircraft and have left the carrier with bloated costs. It is trying to attract premium travelers to increase its revenue and doubling down on cost cuts to save cash. It has downgraded and furloughed pilots, offered voluntary unpaid leaves to flight attendants, and deferred all aircraft deliveries from Airbus.
(Reporting by Rajesh Kumar Singh; Editing by Richard Chang)
ACHC BREAKING NEWS: BFA Law Announces that Acadia Healthcare has been Sued for Securities Fraud; Investors are Urged Contact BFA Law by December 16 (Nasdaq:ACHC)
NEW YORK, Oct. 19, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Acadia Healthcare Company, Inc. ACHC and certain of the Company’s senior executives.
If you invested in Acadia Healthcare, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
Investors have until December 16, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in DexCom securities. The case is pending in the U.S. District Court for the Middle District of Tennessee and is captioned Kachrodia v. Acadia Healthcare Company, Inc., et al., No. 24-cv-01238.
What is the Lawsuit About?
The complaint alleges that Acadia is one of the largest for-profit chains of psychiatric hospitals in the United States. The complaint further alleges that during the relevant period, the Company misrepresented that its financial results were driven by insurance fraud and holding vulnerable people against their will in its facilities, including in cases where it was not medically necessary to do so.
On September 1, 2024, the New York Times published an article titled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” The New York Times‘s “investigation found that some of that success was built on a disturbing practice: Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary.” On this news, the price of Acadia stock fell $3.72 per share, or 4.5%, to close at $78.21 per share on September 3, 2024.
Then, on September 27, 2024, Acadia disclosed that it received a request for information from the U.S. Attorney’s Office for the Southern District of New York, a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expects similar requests from the U.S. Securities and Exchange Commission related to the Company’s patient admissions, as well as its length of stay and billing practices. This news caused a significant 16% decline in the price of Acadia stock, from $75.66 per share on September 26, 2024 to $63.28 per share on September 27, 2024.
Click here for more information: https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
What Can You Do?
If you invested in Acadia Healthcare you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
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New affordable homes in Shelburne and Barton
HALIFAX, NS, Oct. 18, 2024 /CNW/ – The communities of Shelburne and Barton will have 13 new, energy efficient, homes after an investment of more than $5.1 million from the federal and provincial governments and Co-operative Homes Ltd. (Compass Nova Scotia).
Heritage Hall in Shelburne is a centrally located building that will be converted into five one- and two-bedroom apartments. Barton Elementary School is located on a large parcel of land near shops and services in Barton, and will be converted into eight one- and two-bedroom apartments.
The conversion to make the two buildings more energy efficient will include heat pumps, heat recovery ventilators, and envelope improvements.
Compass Nova Scotia is a not-for-profit housing co-operative that currently has 111 homes in 8 neighbourhoods across the province.
Quotes
“I am proud that we could support these two projects that will bring more affordable homes to Shelburne and Barton, here at home in Nova Scotia. We will keep working with partners across the country to build more homes and end the housing crisis.”
The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“Our investments in energy efficient housing are an important part of our efforts to give Nova Scotians clean, reliable power at affordable prices. We have a focus to meeting our ambitious climate change targets, and this investment takes us one important step closer to those goals.”
Nolan Young, MLA for Shelburne on behalf of Tory Rushton, Minister of Natural Resources and Renewables
“Compass Nova Scotia Co-operative Homes is thrilled to again be growing with the Barton School and Heritage Hall projects. These new homes will reflect the mission of Compass to build inclusive and sustainable housing communities through collaboration. This important initiative for rural Nova Scotia could not have been possible without support from various partners and all levels of government, particularly to ensure these homes are built to a high energy standard.”
Karen Brodeur, Director, Co-operative Housing Development, Co-operative Housing Federation of Canada
“I am so pleased that we will soon be able to welcome new households to Compass Nova Scotia, because of these two projects. Being part of Compass Nova Scotia means having a secure, co-operative home in an inclusive community. Many individuals and families are looking for exactly this kind of housing. I am grateful for the support of the federal, provincial and municipal governments, who together are making this possible.”
Keith MacDonald, President, Compass Nova Scotia Co-operative Homes Limited
Quick Facts
- The federal government is investing $1,539,190 through the Green Infrastructure Stream of the Investing in Canada Infrastructure Program. The Government of Nova Scotia is investing $2,498,707, and Compass Nova Scotia is contributing $1,091,552.
- This stream helps build greener communities by contributing to climate change preparedness, reducing greenhouse gas emissions, and supporting renewable technologies.
- Including today’s announcement, over 50 infrastructure projects under the Green Infrastructure Stream have been announced in Nova Scotia, with a total federal contribution of more than $330 million and a total provincial contribution of more than $434 million.
- Under the Investing in Canada Plan, the federal government is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
- The funding announced today builds on the federal government’s work through the Atlantic Growth Strategy to create well-paying jobs and strengthen local economies.
Associated Links
Investing in Canada: Canada’s Long-Term Infrastructure Plan
https://housing-infrastructure.canada.ca/plan/icp-publication-pic-eng.htmlhttps://www.infrastructure.gc.ca/plan/icp-publication-pic-eng.html
Green Infrastructure Stream
https://housing-infrastructure.canada.ca/plan/gi-iv-eng.html
Housing and Infrastructure Project Map https://housing-infrastructure.canada.ca/gmap-gcarte/index-eng.html
Strengthened Climate Plan
https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/climate-plan-overview.html
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Web: Housing, Infrastructure and Communities Canada
SOURCE Department of Housing, Infrastructure and Communities
View original content: http://www.newswire.ca/en/releases/archive/October2024/18/c7497.html
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