A groundbreaking partnership between Millbrook First Nation and the Royal Bank of Canada offers band members the opportunity to build their own homes on reserve land through mortgages. This pilot program addresses the persistent housing shortage in the Mi'kmaw community near Truro, N.S.
A partnership between Millbrook First Nation and the Royal Bank of Canada is allowing some band members to receive a mortgage and build their own home on reserve land. Previously, getting a mortgage on-reserve was off the table. Band leadership says this change is empowering.The Mi'kmaw community near Truro is using innovative ways to get around persistent housing shortage s.
With more than 130 people waiting for a home, Millbrook is turning to a pilot project to empower band members to build their own.In an effort to combat persistent housing shortages, Millbrook First Nation is empowering its members to build their own homes, with the help of a pilot project that allows mortgages on-reserve for the first time. The Mi'kmaw band near Truro, N.S., has around 130 people on a list waiting for a home, according to its director of housing and public works. The band has built more than 30 new houses this year and is diversifying its housing stock with mini homes and duplexes to meet the community's needs. But even with these advances, it's an ongoing battle to keep up with population growth. This is where the mortgage pilot program fits in. 'The priority for us is to get people housing, that was our main goal here, ' said Lorne Paul, the band's housing and public works director. Called the on-reserve housing loan, it's a partnership between Millbrook First Nation and the Royal Bank of Canada that grants a mortgage of up to $250,000 to approved band members, with the band as a co-signer.'Back in the day, we were not allowed to have mortgages, the bank wouldn't give First Nations people mortgages on-reserve,' Paul said. He said band members apply for the loan through RBC and receive a building lot and housing subsidy from the band. Up to nine homes will be built in the first cohort. So far, five have been completed or are nearly done, with another one set to break ground soo
Housing Shortage First Nations Mortgage On-Reserve Housing Millbrook First Nation
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