Privacy  
CanEquity Mortgage Canada
Canadian mortgage rates,
mortgage calculator & news.

Canadian Mortgage News

October 2007 National News Archive

 

Related Links:
National Archive
2007 Archive
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
October 2007
November 2007
December 2007


CanEquity Mortgage News RSS 2.0 Feed

CanEquity Mortgage News Atom Feed

About RSS and Atom Feeds

Portable Document Format Printable Version Page d'accueil franšais

Funding for New Housing Project in Petit Rocher

PETIT ROCHER, New Brunswick, October 09, 2007 — Non-elderly singles, seniors and persons with disabilities in Petit Rocher will have access to more affordable housing with the construction of a new housing project by Jean-Guy and Gracia Arseneau.

The housing project which receives a total of $471,000 from the federal and the provincial governments, will create 7 new affordable housing units.

The Honourable Mary Schryer, New Brunswick Minister of State for Housing, along with the Honourable Greg Thompson, Minister of Veterans Affairs, on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development, made the announcement today.

“We are pleased to see private partners take advantage of the Phase III of the Affordable Housing program in order to create more affordable housing units in different regions of the province and to provide better housing opportunities for New Brunswickers,” said Minister Schryer.

“Canada’s New Government is delivering on its commitment to create affordable housing in New Brunswick and across Canada for those who need it the most,” said Minister Thompson. "This project in Petit Rocher will give residents greater access to quality, affordable housing, while allowing them to remain close to their families and friends.”

The $690,000 project involving the construction of 14 housing units will be located on 714 Principal Street in Petit Rocher. The promoters, Jean-Guy and Gracia Arseneau received $210,000 in funding from the Federal Housing Trust Fund to offset construction costs, as well as $261,000 in long-term rent supplements from the Province of New Brunswick for 7 of the 14 units.

The Phase III of the Canada – New Brunswick Affordable Housing Agreement will see the investment of another $40 million to create at least 754 new housing units in New Brunswick over the next two years. Available under the Federal Housing Trust Fund, $17 million will be allocated to project promoters as forgivable loans to offset construction costs. The province will provide $23 million in long-term rent supplements to ensure that 580 of the 754 new housing units will be kept affordable.

The Phase I and II of the Canada – New Brunswick Affordable Housing Agreement involved investments of over $45 million to create and sustain up to 700 units of rental housing for low-to-moderate income households in New Brunswick over the last three years.

For further information, please contact:

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

Giselle Thibault
Marketing and Communications Consultant
Canada Mortgage and Housing Corporation
902-426-8320

Backgrounder

Canada – New Brunswick Affordable Housing Agreement

Phase I

Objectives:

  • To create and sustain rental housing for low- to moderate-income New Brunswick households through new construction or rehabilitation.
  • Housing must be affordable for at least 10 years.

Program:

  • Funding under this agreement will be used for a Rental Housing Program.
  • The program will create and sustain in excess of 600 units of rental housing for low- to moderate-income households.
  • Funding is available to private non-profits, cooperatives, community or private developers interested in developing projects for low- to moderate-income families, seniors, non-elderly singles, disabled persons and persons with special needs.

Administration:

  • The program is administered by the New Brunswick Department of Family and Community Services.
  • Family and Community Services is responsible for the selection of affordable housing projects.

Phase II

Phase II of the Agreement increased the total investment under the Canada – New Brunswick Affordable Housing Program Agreement to $45 million in funding. The Government of New Brunswick contributed 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:

  • Were used for the Rental Housing Program in Phase I plus a new rent supplement program;
  • targeted urban areas with considerable housing needs; and
  • targeted persons on or eligible to be on a waiting list for social housing.

Phase III

Through Phase III of the Agreement, the Federal government and the province of New Brunswick are committing over $40 million to create at least 754 new housing units over the next two years.

The funding are available for private entrepreneurs and non-profit organizations to help increase the supply of affordable rental housing for low income seniors, families and non-elderly singles. Of the 754 housing units to be created, 580 will be subsidized and 10 per cent are to be accessible for persons with disabilities.

Proposal development funding are also available for non-profit organizations to help them prepare and develop their project.

Proponents can submit proposals to a regional office of the Department of Family and Community Services. Projects will be selected based on their viability and their capacity to respond to housing needs for either seniors, low income families, non elderly singles, or persons with disabilities.

News source: Canada Mortgage and Housing Corporation (CMHC)

 

Top of page