Low-Cost Loan From Ottawa Will Help Build 15-Storey Rental Building With 148 Units In Dartmouth

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DARTMOUTH, Nova Scotia: A $44,600,000 million low-cost loan to help construct the new residential building located at 1020 Micmac Boulevard in Dartmouth has been announced by Ottawa.

Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside Darren Fisher, MP for Dartmouth-Cole Harbour, jointly announced that the Terrace of Kings Grove, by The Armour Group, would be a 15-storey rental apartment building.

It features 83 one-bedroom units and 65 two-bedroom units providing Dartmouth with a total of 148 new units of much-needed rental housing close to public transit, schools and services for families.

The project received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

Hussen said: “The Terrace of Kings Grove will provide local Dartmouth families with better access to jobs, services and the amenities they need.”

Darren Fisher added: “Families across Dartmouth—Cole Harbour deserve a safe and affordable place to call home. With the vacancy rate in Dartmouth so low, we must do everything we can to ensure that more permanent housing and more affordable housing is built. Our Government’s involvement in this project demonstrates our commitment to building a generation of new, permanent housing that we can all be proud of.”

• The Property will have a dedicated bicycle storage room on the ground floor with space for 75 bicycles and direct access to a network of bike paths that allow for easy access to downtown Halifax (30-minute commute).

• With this project, the developer is adding new rental units to the market, for which there is a demonstrated need. The vacancy rate in Halifax is at a low 1.9% and Dartmouth North is lower at 1.3%.

• A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. “This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.

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