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Two New Affordable Housing Projects Announced for Moncton

MONCTON, New Brunswick, July 5, 2006 — Non-elderly singles and persons with disabilities in Moncton are getting access to more affordable housing with the official opening of Tannery Court located on High Street, as well as the announcement of a new 47 unit housing project located on Bonaccord Street in Moncton.

The housing projects both received funding under the Canada – New Brunswick Affordable Housing Agreement.

Mr. Rob Moore, Member of Parliament for Fundy Royal, on behalf of the Honourable Diane Finley, Minister of Human Resources and Social Development, along with the Honourable Bernard Lord, Premier of New Brunswick, made the announcement today.

The Tannery Court project received $2.6 million in funding under the Canada-New Brunswick Affordable Housing Agreement. RodLin Ventures Inc. will receive $1.5 million under the same agreement to offset the construction costs totaling $5 million.

"Canada’s new Government is very proud to support affordable housing throughout New Brunswick,’’ said Mr. Moore. "These projects demonstrate how all levels of government, community groups, and the private sector can work together to help meet the housing needs of the community."

"We are pleased to get the support of non-profit organizations and private sector to create more affordable housing for New Brunswickers," Premier Lord said. "Their role is very important in this Affordable Rental Housing Program."

The Tannery Court project received $1,225,000 in federal funding to offset the construction costs totalling $2.29M, as well as $1,400,000 in rent supplements from the Province of New Brunswick for 35 of the 40 units. The developer, Tannery Court Co-operative Ltd, a non-profit organization, also received $17,500 in Provincial Proposal Development Funding to help them proceed with the development of the project.

RodLin Ventures Inc. will receive $600,000 in federal funding as well as $960,000 in rent supplements from the Province of New Brunswick for 24 of the 47 units.

The Canada – New Brunswick Affordable Housing Agreement involves investments of over $45 million for the creation of affordable housing units in New Brunswick.

For further information, please contact:

Robert Duguay
Communications
Family and Community Services
506-444-3684

Marianne Murphy
Marketing and Communications Consultant
Canada Mortgage and Housing Corporation
902-426-6581

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Backgrounder

Canada – New Brunswick Affordable Housing Agreement

Phase I

Objectives:

Program:

Administration:

Financial Provisions:

Phase II

Phase II of the Agreement increases the total investment under the Canada – New Brunswick Affordable Housing Program Agreement by $15.14 million in funding. The Government of New Brunswick will contribute at least 50 per cent of the matching funding; up to 10 per cent may come from municipalities and other third parties.

Under Phase II, funding will be: