Lending Program Protects Affordable Housing Units in Truro
The Province is helping the Nova Scotia Co-operative Council Ltd. preserve 15 affordable housing units through the purchase of three buildings in Truro.
“We’re pleased to help the co-op council buy these rental properties so that the residents can continue to live in a place they know and where they can access the community supports and services they may need,” said Municipal Affairs and Housing Minister John Lohr. “This is great news for the community and for those people living in these units.”
Through the Community Housing Acquisition Program, the government provided the council a $1.7-million low-interest mortgage to purchase the property.
The Department of Community Services is providing more than $78,000 in annual funding for operations and housing support services for tenants. The type of service depends on tenants’ identified needs such as support for maintaining the unit, referrals to mental health and addictions services, and system navigation supports.
Launched in July 2022, the Community Housing Acquisition Program is the first of its kind in Canada. Under the program, co-ops and non-profit housing providers can access up to $10 million in repayable low-interest loans to purchase existing rental units.
This is the fifth project acquired by a non-profit organization through the acquisition program.
I’m pleased to say that we are not only preserving affordable units, but also providing services to residents to ensure they get the support they need to maintain their tenancy and independence.
Jill Balser, acting Minister of Community Services
It’s not easy finding an apartment that is accessible for a wheelchair, and when you do there is always a premium on price. I was so relieved when I heard that our units were being bought by a not-for-profit. Within a week, the new owners had a meeting with all tenants to ask for our input and to assure us that we would not be evicted, and we won’t be seeing large increases in rent. I finally have some peace of mind that I will have a safe, affordable and accessible apartment for as long as I want to live here, and I’m not going anywhere. This is my home.
Sandra Finney, tenant, Truro property owned by the Nova Scotia Co-operative Council Ltd.
- the acquisition program fulfills the Nova Scotia Affordable Housing Commission’s recommendation to help non-profits finance the purchase of rental properties at risk of being converted into higher-end developments
- the Housing Trust of Nova Scotia was the first organization to receive a low-interest mortgage through the program and acquired nearly 300 affordable rental units in Halifax Regional Municipality
- the Department of Community Services has a supportive housing mandate, to ensure Nova Scotians can maintain housing and access services and supports to address and prevent homelessness
News release – New Lending Program Supports Affordable Housing: https://novascotia.ca/news/release/?id=20220713002
Mandate letter of the Minister of Municipal Affairs and Housing: https://novascotia.ca/exec_council/letters-2021/ministerial-mandate-letter-2021-MAH-EMO-MR.pdf
Mandate letter of the Minister of Community Services: https://novascotia.ca/exec_council/letters-2021/ministerial-mandate-letter-2021-DCS-OLA-SOW.pdf