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Non-profit scoops up 5 apartment buildings in HRM for affordable housing

Thanks to a nearly $30 million deal closing at the end of the month, the Housing Trust of Nova Scotia is buying five apartment buildings in HRM.
Ross Cantwell, president of the non-profit group, said the majority of the 295 units will have affordable rents.
Two of the properties are in Dartmouth (on Albert Street and Portland Street), two are on Evans Avenue in Fairview, and one is near the rotary off St. Margarets Bay Road.
“Our yardstick for success is how many of these we can keep affordable over time, so 75-80 per cent at roughly the same rents that are there right now,” Cantwell said.
Average rents in these units now are around $675 a month for a one-bedroom or $750-$825 for a two-bedroom unit. Cantwell said that won’t change much, but some of the units will need to be at market rates because of the costs of the project. …[Read More]