Affordable Housing Development Program
The new Affordable Housing Development Program is now accepting applications to support private sector affordable housing units.
How much funding is available?
The program will provide forgivable loans of $45,000 per unit to increase the number of affordable housing options in the province.
Who is eligible to apply for funding?
The Affordable Housing Development Program is open to non-profit corporations, private entrepreneurs, development corporations, housing cooperatives, or municipalities.
What types of projects qualify?
New builds, buildings currently under construction, or renovations to existing buildings are eligible as long as such renovations add new affordable units to the market. Projects must be a minimum of four units and contribute to increasing accessible units to 20 per cent of government-supported units. The loan forgiveness period will range from 15 to 25 years.
How do I apply?
Applications must include information on the proposed property, zoning, evidence of financing, and design work. Additional information including the number of units, location and nearby amenities, intended market, and timeline for completion should also be included. Applications will be evaluated on these considerations as well as community need based on the social housing registry.
Cody Clinton, Department of Social Development and Housing, 902-218-6643, email@example.com.