A new 47-home community in Amherst, N.S., will have a shared ownership model to provide more affordable housing options. The provincial government said the Groves at Hillsdale will be a modular home community. The first 12 units will be occupied by Feb. 1. The shared ownership model will be available from 28 units and will not required buyers to make a down payment. United Way Maritimes will retain roughly 30 per cent ownership of the homes. To buy a home in the community, people must have a gross annual household income between $50,000 and $80,000, have stable income, be a resident of or work in Cumberland County and be approved for a mortgage between $127,000 and $187,000 through the Mosaik Credit Union. Homes will cost $127,000 for a one-bedroom and $182,000 for two bedrooms. Mortgage payments are expected to cost between $740 and $1,100 per month. The other 19 units will cost between $550 to $708 per month for one-bedrooms and $884 per month for two-bedrooms, according to a news release from the province. Utilities will not be included in the rent. “Housing affordability is one of the most pressing challenges facing our community, and this project represents a meaningful step forward for Amherst,” said Rob Small, mayor of Amherst, in the release. “By bringing together all levels of government and trusted community partners, we’re creating real housing options for local families – homes that are secure, attainable and designed to remain affordable over time.” The provincial government is spending $4 million on the project while the federal government is pitching in $2.35 million. The Town of Amherst is providing $639,950 and the River Philip Foundation is spending roughly $1.7 million. For more Nova Scotia news, visit our dedicated provincial page
