The Nova Scotia government has launched a “lending program” that would allow non-profit organizations purchase existing housing units.
Municipal Affairs and Housing Minister John Lohr announced on Wednesday in Halifax that the Community Housing Acquisition Program (CHAP), will allow housing non-profits access $10 million in repayable loans.
The first loan has already been secured for the Housing Trust of Nova Scotia.
Lohr said the organization is getting a low-interest mortgage of $5.6 million to purchase five rental properties.
One of these was the property the announcement was held in, a rental building at 18 Crown Dr. near the Armdale Rotary. According to an online listing for the property, it includes 84 one and two-bedroom apartments.