More Rental Housing for 148 Families in Dartmouth

DARTMOUTH, NS, May 28, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Dartmouth now have access to more stable rental housing options.

Today, the Honourable 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, announced a $44,600,000 million low-cost loan to help construct the new residential building located at 1020 Micmac Boulevard in Dartmouth.

Terrace of Kings Grove, by The Armour Group, is 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.

Quotes:

"Every Canadian deserves a safe and affordable place to call home and our government is taking action. It is through projects like this one that we are increasing the supply of rental housing in Nova Scotia and across Canada. The Terrace of Kings Grove will provide local Dartmouth families with better access to jobs, services and the amenities they need. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) 

"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." – Darren Fisher, Parliamentary Secretary to the Minister of Economic Development and Official Languages (ACOA) and Member of Parliament for Dartmouth—Cole Harbour 

"Since the early 80's, The Armour Group has been proud to provide housing to thousands of individuals and families in the Dartmouth community of King's Grove. This loan by Canada Mortgage and Housing Corporation is a pivotal step toward future growth in this community.  We look forward to continuing to expand this desirable community through these strategic partnerships." –  
Scott Armour McCrea, Chief Executive Officer, The Armour Group Limited 

Quick facts:

• 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%.
• Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
• 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.
• Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
• Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021-22. The program now totals $25.75 billion in low-cost loans.
• To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
• Budget 2021 proposes that $300 million over two years (2021-22 and 2022-23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
• Canada's National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home—this includes more than $13 billion committed through the 2020 Fall Economic Statement.

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, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation