BEDFORD, N.S. — The federal government has announced funding for three housing projects in Canada’s Atlantic provinces.
On Feb. 28 the government said it is providing a low-interest insured loan of $14.75 million to help construct a four-storey residential building of 73 units geared towards seniors and located at 185 Gary Martin Dr. in Bedford, N.S.
On March 3, the government followed up with an announcement of $20.36 million for the construction of 106 new rental housing units in two buildings in Stratford and Montague, P.E.I.
The Bedford project, developed by Northwood, is receiving funding through CMHC’s Rental Construction Financing initiative, a National Housing Strategy program delivered by the Canada Mortgage and Housing Corporation.
Of the total units in the Bedford project, eight will be accessible.
The project is designed to achieve energy-efficiency savings of 29.4 per cent and reduce greenhouse gas emissions 17.6 per cent relative to the 2015 National Energy Code for Buildings.
All 73 units will have rents at or below 21 per cent of the median household income in the area and at least 26 units will be held at affordable rent levels for a minimum of 16 years.
In P.E.I., the government is funding two projects by Pan American Properties Inc. through the National Housing Co-Investment Fund
The first will be $11.03 million spent towards the construction of Stratford Place, a four-storey apartment building to be located at 140 Dale Dr. in Stratford.
It will contain 61 units, 30 of which will be affordable units that will be leased to the PEI Housing Corporation which in turn will lease the units to people on their waitlist on a rent-geared-to-income basis.
The remaining 31 units will be rented to the general population at market rates.
The second involves an allocation of $9.33 million for the construction of Montague Place, a three-storey apartment building to be located at 140 Wightman St. in Montague.
It will contain 45 units, 30 of which will be affordable units that will be leased to the PEI Housing Corporation which in turn will lease the units to people on their waitlist on a rent-geared-to-income basis.
The remaining units will be rented to the general population at market rates.
The government of P.E.I. is also contributing $19 million towards the Pan American Properties projects.
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