The former Dr. McDougall School property has been sold.
Nipissing District Housing Corporation (NDHC) says the $3.5 million proceeds from the sale will go towards affordable housing development in Nipissing District.
Chris Mayne, NDHC Board Chair says the money will free up capital funds to invest or leverage other funds.
“Creating additional affordable housing in the District has been a key strategy for the NDHC Board during its last term and continues into the new term,” he says. “Together with the District of Nipissing Social Services Administration Board (DNSSAB), we will see additional and much-needed affordable housing.”
Mark King, Chair of the District of Nipissing Social Services Administration Board (DNSSAB), says both DNSSAB and NDHC have been working together to find solutions to the affordable housing shortage.
“This sizable investment will have a considerable impact on future plans,” he says.
Council approved a rezoning last year involving a 41-unit proposal for housing on part of the Brookes Street property.
NDHC says operations of the North Bay Indigenous Hub, which is also on the property, will continue under the current 15-year lease agreement.