Affordable Housing Development Program
No fixed amount
Grant
Description:
The Affordable Housing Development Program supports the creation of affordable housing. Private developers and community housing developers can apply for forgivable loans from the Affordable Housing Development Program to help fund the construction of new housing or the conversion of non-residential buildings. Both must include affordable rental units for households with low to moderate income.
Comments on Funding:
Funding is available for up to 50% of the rental units in a project. For projects with fewer than 10 rental units, funding is available for up to 100% of the units. The applicant or other sources need to fund the remaining balance of the project.
Continuous Intake
Eligibility:
Applicants must:
1. Be a private company, non-profit society, charity or housing cooperative registered and in good standing with Joint Stocks in any Canadian province or territory authorized to do business in Nova Scotia.
2. Have a minimum of five (5) years property management experience or engage a professional third-party property management firm acceptable to DMAH.
3. Have successfully completed a similar scale project on-time and on-budget or they must Affordable Housing Development Program Guide 3
execute a fixed-price contract with a general contractor with experience building similar projects.
4. Have adequate financial resources to fund cost overruns without adding encumbrances to the property.
Application Steps:
Applicants must:
1. Review detailed program criteria in the Affordable Housing Development Program Guide.
2. Contact the Affordable Housing Development Program to discuss your project idea.
3. Affordable Housing Development Program assigns an affordable housing specialist to work with you.
4. Review the Proposal Guidelines for Developers as you work on your project proposal.
5. Complete the Capital Costs and Pro-Forma Operating Budget Template.
6. Send your project proposal and supporting documents by email.
7. Affordable Housing Development Program reviews your proposal and completes a pre-evaluation eligibility check.
8. If you pass the pre-evaluation eligibility check, you move on to the next step in the evaluation process. If you don’t pass the pre-evaluation eligibility check, the program lets you know that you won’t advance to the next step in the evaluation process.
9. Affordable Housing Development Program completes the evaluation process.
Documentation Needed:
Applicants must prepare a proposal.
About the author
Maurice