More affordable rental housing is being preserved in Wolfville, helping expand options for students and the broader community.
Student Housing Nova Scotia has purchased this five-storey property in Wolfville with the help of the Province, ensuring affordable apartments will continue to be available. (Contributed)
Student Housing Nova Scotia purchased a five-storey property on Pleasant Street with the help of $8.6 million in loans from the Province's Community Housing Acquisition Program.
"Affordable housing can be a meaningful stepping stone, giving people the stability they need to build their lives and plan for the future," said Julie Vanexan, MLA for Kings South, on behalf of John White, Minister of Housing. "This partnership with Student Housing Nova Scotia will help keep homes affordable in Wolfville while supporting students as they study, live and succeed in the community."
The building has 46 units - ranging from studios to three-bedroom apartments - with many of the rents below average market rates. It is located less than one kilometre from Acadia University, and most of the current tenants are students.
The project also received $521,600 through the Community Housing Capital Fund and $25,000 from the Community Housing Growth Fund, managed by the Community Housing Transformation Centre on behalf of the Province.
While students will be given priority when units become available, enrolment at a post-secondary institution is not a requirement; current residents will not be displaced by students.
Quick Facts:
- repayable loans at fixed rates from the Community Housing Acquisition Program are available for up to 95 per cent of the property cost
- loans are available for up to 30 years, to a maximum of $10 million per project
- $75 million from the program has helped preserve more than 1,000 affordable units in Nova Scotia
- Student Housing Nova Scotia is a non-profit organization that develops, provides and advocates for housing that meets the needs of post-secondary students in Nova Scotia
- the Community Housing Transformation Centre is a national non-profit that strengthens and expands Canada's community housing sector through funding, capacity building and sector-wide collaboration
Additional Resources:
- The Our Homes, Action for Housing plan: https://novascotia.ca/action-for-housing/
- Community Housing Acquisition Program: https://www.novascotia.ca/sites/default/files/documents/1-3455/community-housing-acquisition-program-guide-en.pdf
