New Nova Scotia lending program will help non-profits provide affordable housing

The program’s first loan recipient is Housing Trust of Nova Scotia

CITYnews halifax \ Canadian Press

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HALIFAX — Nova Scotia is introducing a lending program to help non-profit organizations buy and manage existing affordable housing.

Housing and Municipal Affairs Minister John Lohr announced today that community housing providers can access up to $10 million in loans aimed at maintaining the supply of affordable housing.

The program’s first loan recipient is Housing Trust of Nova Scotia, which received a $5.6-million loan to support its purchase of five rental properties in the Halifax region.

The province says the purchase of the five apartment buildings is expected to prevent the potential loss of 295 existing affordable housing units.

Trisha Estabrooks, a tenant at one of the newly purchased buildings, said in a statement she’s been concerned about the rising cost of rent and is relieved that her apartment was bought by the Housing Trust.

Establishing a program to help non-profit housing providers acquire rental properties fulfils one of the Nova Scotia Affordable Housing Commission recommendations.

This report by The Canadian Press was first published July 13, 2022.

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This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.

The Canadian Press