The Housing Trust of Nova Scotia is a new non-profit housing organization that was formed to tackle the growing problem of housing affordability in Nova Scotia. In particular, the Housing Trust is concerned about the ability of the “Working Poor” to acquire and maintain good quality housing at a reasonable cost. This growing class of tenants typically has a job and is working diligently to support their family, however due to the rising cost of rental accommodation is having a hard time paying all of their bills. For example, a single mother working full time earning the minimum wage.
The Housing Trust was organized from the ground up to be a different kind of nonprofit housing developer. Our Board of Directors includes executives from the construction and development industry that have expertise in all areas of apartment building design and construction, including: architecture, mortgage financing and law, construction, and property management. By partnering with various levels of government for equity funding, the Housing Trust hopes to leverage its Board’s development experience in order to build a new housing legacy for all Nova Scotian’s.
If we do our job well, our projects should integrate seamlessly into the neighbourhoods where we built. To do this we will retain the best local designers and will construct our projects using quality materials and innovative technologies. We are not only building for the current generation, but for the next one as well. Our buildings will be occupied by a 50%/50% mix of affordable and market rate tenants.
This approach allows us to take the profit from the market rate units and use it to subsidy the rent on the affordable ones. As an added bonus, this approach makes it virtually impossible to know who is receiving a subsidy – something we know our tenants will appreciate.