Accelerated Housing And Infrastructure Is Crucial To Nova Scotia’s Future – Bill Black
Nova Scotia needs to accelerate the pace of housing builds.
Politicians frequently use “affordable” when describing initiatives to help people find housing. Prices have spiked in all sectors of the market, and governments want to be perceived as working to provide help.
One might reasonably expect the word to indicate that the programs are for the homeless, or other citizens with very low incomes. In practice they can have a much wider scope.
Canada Mortgage and Housing (CMHC) has many programs for affordability. To qualify, an apartment must be in decent repair and appropriate for the size of the household. The cost including utilities must not be more than 30% of before tax total household income.
Under one such program a development must meet affordability requirements for at least 10 years. At least 20% of units must have rents below 30% of the median total income of all families for the area, and the total residential rental income must be at least 10% below its gross achievable residential income. …[Read More]