Making Housing More Affordable for Middle-Income Seniors in Bedford

BEDFORD, NS, Feb. 28, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, senior residents of Bedford will soon have access to more stable rental housing options that are affordable to Canadians.

Today, the Honourable Geoff Regan, Member of Parliament for Halifax West, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the federal government is providing a low interest insured loan of $14.75 million to help construct a 4-storey residential building, comprising of 73 units geared towards seniors and located at 185 Gary Martin Drive in Bedford.

The building is designed to achieve energy efficiency savings and a reduction in greenhouse gas emissions. This project will provide more housing options for middle-income seniors close to public transit and services so they can continue to live safely and independently in their chosen community.

This project, developed by Northwood, is receiving funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for the middle-class struggling in expensive housing markets across the country.

Quotes

"Every Canadian deserves a safe and affordable place to call home. Through changes made to the Guaranteed Income Supplement and Old Age Security, we also want to make sure seniors can retire in dignity. With the National Housing Strategy, our Government is increasing the number of rental units for middle-income Canadians by providing affordable housing options that are close to public transit, schools and local services. These investments also create great jobs and grow the economy. This project by Northwood is wonderful news for the middle-income seniors in Bedford who will soon have a new place to call home." ? The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC

"Senior citizens have brought so many contributions to our community. Making sure that they have adequate housing is one way to give back to them. This is why we are pleased to announce this exciting project. Thanks to Northwood and the help of our Government, middle-income seniors will be able to age independently close to their family and friends in Bedford." ? The Honourable Geoff Regan, Member of Parliament for Halifax West

"Northwood has been providing affordable housing in Halifax for more than 50 years. Northwood's Campus model provides for more than just housing- individuals are part of a community. The opening of Northwood Place allows us to provide this Campus model option in the Bedford area. Without the support of CMHC, this project would not have been possible." ? Janet Simm, President and CEO of Northwood

Quick Facts

• Of the total units, 8 will be accessible.
• This project is designed to achieve energy efficiency savings of 29.4% and reduced greenhouse gas emissions of 17.6% relative to the 2015 NECB.
• All 73 units will have rents at or below 21% 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.
• The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
• Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
• The rental market is an important housing option for approximately 30% of Canadians.
• This project represents a major new supply of purpose built rental housing in Bedford where vacancy rates in 2019 were 0.8%.
• Low-cost loans are available to borrowers who want to build purpose built rental housing in Canada in response to demonstrated community need.
• Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.

Associated Links

• As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation