Truro Gets Affordable Rental Housing Project

Residents of Truro will soon have access to more affordable rental housing with the approval of a $1.4-million, 24-unit project under the Canada-Nova Scotia Affordable Housing agreement.

Geoff Regan, federal Minister of Fisheries and Oceans, on behalf of Joseph Fontana, federal Minister of Labour and Housing, and Nova Scotia Community Services Minister David Morse, made the announcement today, Oct. 28.

"The government of Canada is committed to supporting affordable housing for those Canadians who need it most," said Mr. Regan. "We are pleased to be making this investment to create affordable housing units for Truro residents. Together with our partners, we are helping to build healthy, sustainable communities across the province."

"This project is going to be of tremendous benefit to the community of Truro," said Mr. Morse, "because it addresses an identified need for affordable rental housing for singles, families and seniors in the area."

The project, to be located on Prince Street in Truro, will receive funding from both levels of government and the developer. The government of Canada is providing $576,000 in up-front capital, the province is providing $359,000 in rent supplement funding, and Pinto Properties is providing 15 per cent of the development costs.

The project involves the conversion of an existing three-storey building. The second and third floors will be renovated to create a mix of one- and two-bedroom apartments, while the first floor will remain commercial. Construction on the project will begin immediately and is expected to be completed by March 2005.

Including today's announcement, $12.2 million in funding has been committed for the construction or renovation of 227 units in the province. It is expected that 850 to 1,500 affordable housing units will be created or renovated under the $37.3-million Affordable Housing agreement by 2007.