FREDERICTON, New Brunswick, July 20, 2006 — Non-elderly singles and persons with disabilities in Fredericton will have access to more affordable housing with the construction of three new affordable housing projects developed by Fredericton Non-Profit Housing Corporation Inc.
The projects received $1.1 million under the Canada – New Brunswick Affordable Housing Agreement and involve a total of 16 affordable housing units.
The Honourable Greg Thompson Minister of Veterans Affairs and Regional Minister for New Brunswick, on behalf of the Honourable Diane Finley, Minister of Human Resources and Social Development, and the Honourable Bernard Lord, Premier of New Brunswick, made the announcement.
“I am pleased to see that more affordable housing will soon be available to the residents of Fredericton,’’ said Minister Thompson. “These projects are excellent examples of how governments working together with local groups can help those who need it the most, find a place to call home.”
"The non-profit sector plays an important role in this Affordable Rental Housing Program and we are pleased to get their support to create more affordable housing for New Brunswickers," Premier Lord said.
The projects will be located on 746 Brunswick Street, 145 Westmorland Street, and 279 Brunswick Street. They will receive a total of $510,000 in federal funding to offset the construction costs, as well as $640,000 in rent supplements from the Province of New Brunswick for all 16 units.
A provincial Proposal Development Funding loan of $23,800 was provided to the Fredericton Non-Profit Housing Corporation, to help offset upfront project development costs for the building at 279 Brunswick Street. The loan assisted with expenses related to architectural drawings, site plans, costs projections and other related activities.
The Canada – New Brunswick Affordable Housing Agreement involves investments of more than $45 million for the creation of affordable housing units in New Brunswick.
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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: