(Photo: Courtesy of VIDA Living website)
Over 50 buildings in Saint John, New Brunswick, and Nova Scotia have recently been purchased by a Halifax-based company that focuses on affordable housing.
A news release states VIDA Living focused on keeping rents low amidst an escalating problem of housing affordability in Canada.
It recently acquired 54 buildings with 1,058 multifamily units. This is just another step towards its goal of owning 10, 000 units in Canada and abroad by 2027.
VIDA invests exclusively in B and C asset-class multifamily properties and its purpose is to deliver socially responsible workforce housing that is affordable.
It strives to improve social, economic, and health outcomes by providing security, cleanliness, opportunity, and a sense of community to its tenants using creative solutions and incentives.
Tenants are offered a right of first refusal on basic repair and maintenance projects and given the opportunity to participate in the overall business through tasks like data entry, rent collection, and community newsletters.
VIDA celebrates tenants’ achievements by offering rewards such as rent credits for starting a business or receiving a promotion, and VIDA will pay off the last $500 of a tenant’s student loan and break the lease and help cover moving costs for tenants who buy a home.
Since 2018, VIDA has grown from a 12-unit building in Halifax to over 600 units in Nova Scotia, New Brunswick, and Manitoba.
VIDA owns other properties in East Saint John and Oromocto.
