Fund­ing to help Wolfville area

Valley Journal Advertiser - - FRONT PAGE -

Af­ford­able hous­ing project re­ceives $8.2 mil­lion fed­eral in­vest­ment

An in­vest­ment an­nounced re­cently by the fed­eral govern­ment will mean more af­ford­able hous­ing op­tions for mid­dle-class fam­i­lies in the Wolfville area.

Kings-Hants MP and Pres­i­dent of the Trea­sury Board Scott Bri­son an­nounced an $8.2 mil­lion in­vest­ment in af­ford­able hous­ing in Wolfville on Nov. 15. It in­volves fund­ing and con­struct­ing 48 new rental hous­ing units so that more mid­dle-class fam­i­lies in the town have an af­ford­able place to live.

The fund­ing for the con­struc­tion of Wood­man’s Grove Res­i­dences, phase five, a four-storey build­ing, is be­ing pro­vided through the Canada Mort­gage and Hous­ing Cor­po­ra­tion’s (CMHC) Rental Con­struc­tion Fi­nanc­ing ini­tia­tive (RCFi). All 48 units will fea­ture rents at or lower than 30 per cent of me­dian house­hold in­come in the area and at least 10 per cent of the units will be acFor ces­si­ble. the fam­i­lies that even­tu­ally move into the units, Bri­son said, the project will con­trib­ute to build­ing a bet­ter foun­da­tion for their so­cial and eco­nomic suc­cess while cre­at­ing new jobs that will help stim­u­late the lo­cal econ­omy.

“Our govern­ment is in­vest­ing in health­ier en­ergy ef­fi­cient homes and this is won­der­ful news for the Wolfville mid­dle-in­come fam­i­lies that will move into th­ese new af­ford­able rental hous­ing units,” Bri­son said.

The project will pro­vide af­ford­able hous­ing op­tions close to pub­lic tran­sit, schools and ser­vices for mod­est and mid­dle-in­come house­holds The in­tended re­sult is for th­ese fam­i­lies to en­joy bet­ter so­cial out­comes and for them to con­trib­ute to a vi­brant, so­cially in­clu­sive neigh­bour­hood.

The RCFi is a na­tional hous­ing strat­egy de­liv­ered by CMHC. It sup­ports af­ford­able rental hous­ing across the coun­try for mid­dle-class fam­i­lies strug­gling in ex­pen­sive hous­ing mar­kets.

Poly­corp founder and pres­i­dent Peter Pol­ley said they are very proud to have had their project at the Wood­man Grove Res­i­dences se­lected to par­tic­i­pate in the fed­eral af­ford­able hous­ing ini­tia­tive.

“This in­no­va­tive new fund­ing will al­low us to fo­cus more at­ten­tion on build­ing af­ford­able, su­per en­ergy ef­fi­cient hous­ing in our mar­kets,” Pol­ley said. “The pro­gram rec­og­nizes and pri­or­i­tizes our com­mit­ment to green con­struc­tion prac­tices as the way that things should be done to pro­vide hous­ing to Cana­di­ans.”

He said the RCFi pro­gram re­duces the amount of eq­uity that they have to tie up in af­ford­able hous­ing projects so that they move on to the next while si­mul­ta­ne­ously re­duc­ing their cost of cap­i­tal. They hope and plan to par­tic­i­pate in the pro­gram with a sec­ond ap­pli­ca­tion in the near fu­ture

CON­TRIBUTED

From left, Keith Irv­ing, Kings South MLA, Peter Pol­ley, the founder of Poly­corp, Jeff Cantwell, Wolfville’s mayor, Scott Bri­son, Kings-Hants MP, pres­i­dent of the Trea­sury Board and min­is­ter of Dig­i­tal Govern­ment, pose for a photo dur­ing an af­ford­able hous­ing an­nounce­ment in Wolfvi­ille.

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