The governments of Canada and Nova Scotia have signed a 10-year agreement that will fund affordable housing projects in the province.
The agreement will invest about $394.2 million to protect, renew and expand social and community housing and support Nova Scotia’s priorities related to housing repair, construction and affordability, according to Canada Mortgage and Housing Corporation (CMHC).
“I am proud that our governments are coming together on this joint funding agreement,” said Chuck Porter, minister of Municipal Affairs and Housing for Nova Scotia. “We will now work with CMHC to finalize the first three-year action plan that will advance our provincial housing priorities, providing more affordable and accessible housing options to those who depend on it, especially for our most vulnerable citizens.”
The investment, cost-shared by the two governments, is in addition to almost $290.3 million previously planned federal housing investments in the province through the social housing agreement (SHA) over the next decade. Aside from new construction, combined investments under the national housing strategy bilateral agreement and the SHA will target to preserve at least 11,615 existing community housing units in the province.
“I've heard the impacts on a community's health and sustainability from insufficient and unaffordable housing,” said Bernadette Jordan, minister of Rural Economic Development. “That's why we have taken a significant step toward our goal of building strong communities where Canadian families can prosper and thrive...”
From November 2015 to December 2018, the federal government invested almost $226.22 million and committed $1.45 million in Nova Scotia housing.