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324-unit building project in Halifax gets $115.5 million low-cost loan for construction

HALIFAX, N.S. — A new 12-storey, mixed use building construction project on Halifax’s Joseph Howe Drive is getting a funding boost thanks to a $115.5 million low-cost government loan.

The project, by BANC Investments Ltd, will provide 324 new residential units as well as retail space.
Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), Geoff Regan, MP for Halifax West, and Alex Halef, president of BANC Investments Ltd. held an online news conference on Wednesday afternoon to announce the project.

“The COVID-19 pandemic has reminded us now more than ever before that nothing is more important than having a home,” Hussen said during the announcement. “And as we all did our part to contain the spread of the virus, our homes have become places of sanctuary, places of safety and refuge in these challenging times.

“We know that ensuring housing affordability and stability for all Canadians is not a short-term fix. The cost of living continues to rise. The people who keep our cities running and vibrant, teachers, nurses, firefighters, construction workers – are finding it harder and harder to afford rent. They’re being forced to move further and further away, which is due in large part to a lack of rental housing supply.”… [Read More]