Government Grants for Affordable Housing in Nova Scotia

[Paul MacInnis]

Hi all,

I recently had one of my properties burn down.   No people were hurt (thank God) but the house is pegged for demoliton.

Now, i'm in an interesting spot.  I can decide to rebuild or to 'cash out' and just own the land.  It was a 4-unit building and i'm allowed to put back a 4-unit building.

I have started discussions with the Nova Scotia Housing Authority regarding getting grants for building affordable housing.   

4 units is as low as they'll go but they'll fund up to 25k per unit.   

I have to agree to rent the units at slightly below market value........FOR 15 YEARS.   

Has anynone ever gone through this process?  Used these types of affordable housing grants - and specifically for new developments?

Thanks in advance!

[Roy N.]

@Paul MacInnis

Unless there is a strong demand for new units (your fire just improved the vacancy rate) and you wouldn't just be pulling the better (of the poor) tenants from other properties, I would not consider rebuilding at this time.  You also need to look at the cost of building something as small as a 4-unit.   If you want to build anything more efficient than a minimum code bundle of sticks, you could be looking at $120 - $130/sq ft.  

I'll bet you can replace the lost revenue {much} more cheaply buying another 4-6 unit.

What is the zoning for the area (not just your lot)?  Would it allow you to merge lots for more units/higher density?   If so, perhaps sitting on a serviced lot and working on your neighbours may be a better long term strategy.

I too want to build - in my case a Passivhaus set of {stacked} townhouses and a 20 - 30 unit Passivhaus apartment complex - but now is not the time here in NB.

Is the old doctor's house over on Gray still for sale or the 4-unit on King (close to your work)?