NOVA DEVELOPMENTS INC.
Projected Annual Profit
Reduction in Housing Construction Costs
Nunavut is in a state of social crisis. The cost to rent a home exceeds the median income across the territory and one in three people are homeless.
To tackle the issue of homelessness, Enactus uOttawa created Nova Developments, a social enterprise that re-purposes unused shipping containers and retrofits them into affordable complexes for commercial and residential use.
Nova Developments construction costs come in at 50% of traditional methods. And for each complex built, the first section is allocated to leasing more affordable commercial and office space to local businesses. With $59,000 in projected annual profit, they can provide a 43% subsidy on rent without government assistance. As a result, Enactus uOttawa’s Project Nova is self sufficient. Enactus uOttawa will be providing safe and affordable shelter for 10 individuals through Project Nova.