The federal government is fast-tracking the development of 2,600 new housing units in Halifax over the next three years.
Ottawa will provide $79.3 million under an agreement announced Thursday with the Halifax Regional Municipality. Many of the units are expected to comprise rental apartments, affordable housing and student housing.
“This work will help spur the construction of over 8,866 homes over the next decade,” said the federal government in a news release.
The funds are being provided through the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund. HRM has agreed to improve permitting processes, reduce upfront costs for permitting, and incentivize the use of pre-approved building plans.
Plans also call for HRM to increase density on single lots, create incentives for commercial-to-residential conversions and small-scale residential projects, encourage transit-oriented development and put more, higher-density student rental housing near post-secondary institutions.
HRM also agreed to create an affordable housing strategy, including a non-market component, and permit taller apartment buildings.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.