Via Provincial release:
Non-profits and community housing organizations will soon have access to capital grants to help with the purchase and preservation of existing affordable rental housing.
“Community housing plays an important role in helping to create vibrant, healthy communities with a focus on long-term affordability,” said John Lohr, Minister of Municipal Affairs and Housing. “We know these groups often face obstacles when it comes to obtaining financing from private lenders when they want to purchase buildings to expand their portfolios. This program will help to remove barriers and bridge that gap.”
The Community Housing Capital Fund will provide one-time equity grants to help pre-qualified community housing organizations finance the purchase of existing residential rental buildings (five units or more) and keep rents affordable.
Interested community housing providers will be required to complete a pre-qualification process to apply for funding.
The Community Housing Transformation Centre will administer the program and allocate funds to pre-qualified organizations for approved projects over the next two years.
Pre-qualification begins in September. Details can be found on the Community Housing Transformation Centre website at: https://centre.support/grants/nova-scotia-community-housing-capital-fund/
“The Province of Nova Scotia continues to lead the way in Canada with groundbreaking investments to grow and protect the supply of affordable housing. This investment will slow the loss of affordable housing units, removing them out of the speculative market and protecting them forever in the community housing sector. This will provide much relief for existing residents and the generations that follow. The centre is proud to partner with the Province to deliver this new capital fund and support the long-term growth and sustainability of our sector.”
— Stephan Richard, Director of Development, Community Housing Transformation Centre
“One of the greatest challenges to scaling the community housing sector in Nova Scotia has been access to capital funding for the acquisition of existing affordable housing. This funding is critical to AHANS’s mission to build and buy a meaningful portfolio of affordable housing across Nova Scotia. With this funding, we and our peers will be equipped to compete with the private sector to acquire affordable rental units and keep rents affordable, forever. This program is one of the most impactful ways government can intervene to support Nova Scotians who worry about the their next rental increase, a renoviction or losing their rental housing.”
— Michael Kabalan, Executive Director, Affordable Housing Association of Nova Scotia
Quick Facts:
- Nova Scotia invested $3.5 million to create the Community Housing Capital Fund
- the program will complement financing options available to organizations through the Community Housing Acquisition Program (CHAP)
- the fund will help organizations preserve an estimated 117 affordable units for renters over the next two years
- the Community Housing Transformation Centre is a non-profit group that provides financial support and organizational development tools to community housing organizations across Canada
- the centre has allocated more than $3.2 million in grants to 82 community housing projects since 2022
Additional Resources:
Community Housing Transformation Centre: https://centre.support/
The Province’s five-year housing plan – Our Homes, Action for Housing: https://novascotia.ca/action-for-housing/docs/strategic-plan-action-for-housing.pdf
Mandate letter for the Minister of Municipal Affairs and Housing: https://novascotia.ca/exec_council/letters-2021/ministerial-mandate-letter-2021-MAH-EMO-MR.pdf