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!