WOLFVILLE, NS, July 29, 2024 /CNW/ - Today, the federal government announced more than $10 million in contributions and low-cost loans to Woodman's Grove through the Affordable Housing Fund (AHF) to help build 72 affordable homes in Wolfville.

The announcement was made by Kody Blois, Member of Parliament for Kings-Hants, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

Located at 36 Woodman Road, the building will be operated by POLYCORP Group. and will provide housing to seniors that need to downsize, by providing smaller, affordable suites in the Wolfville area. The site is surrounded by residential properties and has convenient access to major amenities such as transit, healthcare, libraries, and parks.

The homes are expected to be completed by December 2024.

Quotes:

"Everyone deserves a place to call their own and the Affordable Housing Fund is one way we're helping make that a reality for Canadians. We will keep investing in affordable housing projects like the one announced today, and working with partners across the country, to end the housing crisis." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"The Government of Canada is pleased to have supported this important funding here in Wolfville. Through the Affordable Housing Fund, we are committed to making communities stronger in our province and across Canada. I am proud that this investment of over $10 million will not only help create new jobs and stimulate the local economy, but also help to provide over 72 more secure and affordable homes for community in Wolfville." – Kody Blois, Member of Parliament for Kings-Hants

"The Affordable Housing Fund financing has been instrumental in allowing us to develop these 60 affordable housing units in Wolfville, which has a tremendous demand for housing. The project will see us bring suites to market at well less than prices that would otherwise be possible." – Peter Polley, POLYCORP Group

Quick facts:

• The federal funding announced today is helping create a total of 72 new homes
• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable homes and renovate and repair existing, affordable and community housing.
• Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
• This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
• As of March 2024, the federal government has committed $50.97 billion through the NHS to support the creation of over 146,000 units and the repair of over 286,000 units.
• To support the Government's work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
• The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
• Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• 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. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation (CMHC)