What experts say Nova Scotia can do to preserve our stock of affordable rental housing

Affordable housing in Nova Scotia is a pressing issue, with the province rapidly losing some of its most affordable apartments. However, housing experts believe there are ways to prevent this trend from continuing.

One approach suggested by experts is to remove existing apartments with affordable rents from the influence of market forces. This can be achieved by having non-profit groups buy buildings that were previously owned by for-profit companies. Trish McCourt, the executive director of the association representing non-profit housing providers, emphasized the importance of ensuring longer-term affordability through such measures.

Research has shown that non-market housing providers like non-profits and co-ops are able to keep their rents lower over time. To support this, Nova Scotia has a Community Housing Acquisition Program that provides loans for non-market housing operators to buy existing multi-unit residential properties. However, challenges exist, as non-profit housing providers often struggle to compete with developers in acquiring properties quickly.

One potential solution proposed by experts is the implementation of a “right of first refusal” mechanism for municipalities. This would give municipalities the opportunity to buy apartment buildings before they are sold to private-sector companies, allowing them to then sell these properties to non-market providers.

In other regions, like Quebec and Colorado, similar initiatives have been successful in preserving affordable housing units. Improvements to Nova Scotia’s acquisition program have been suggested, such as increasing funding for non-profits to purchase housing and making eligibility criteria more flexible to accommodate smaller rural communities.

The Department of Growth and Development in Nova Scotia has increased investments in the community housing sector, with programs like the Community Housing Capital Fund providing grants for down payments on affordable housing units. While these initiatives are steps in the right direction, there is still room for improvement to ensure that affordable housing remains accessible in Nova Scotia.

Overall, addressing the issue of affordable housing in Nova Scotia requires a multi-faceted approach that involves collaboration between non-profit organizations, government agencies, and municipalities. By implementing strategies to protect existing affordable housing units and investing in the creation of new ones, Nova Scotia can work towards ensuring that all residents have access to safe and affordable housing options.