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

Canadian Mortgage News

November 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

Affordable Housing Project For Seniors Opens in Dieppe

DIEPPE, New Brunswick, November 13, 2007 — Seniors in Dieppe will have access to more affordable housing with today’s official opening of Résidence J. Régis Leblanc, a 61-unit housing project that includes 45 new affordable housing units. The project was funded under the Canada – New Brunswick Affordable Housing Agreement.

“Our government is delivering on our commitment to create affordable housing in New Brunswick and across Canada for those who need it the most. “ said the Honourable Greg Thompson, Minister of Veterans Affairs, and Member of Parliament for New Brunswick Southwest on behalf of the Honourable Monte Solberg, Minister of Human Resources and Social Development. “ This project will give seniors in Dieppe access to the housing they need and the opportunity to stay in their community close to family and friends.”

"These homes will not only allow seniors to remain close to their families and friends, but most importantly to remain active in their local community. We are pleased to be a partner in a housing project that will enhance the quality of life for many seniors," said Eugene McGinley, New Brunswick Minister of State for Seniors and Housing.

Located at 30 Sifroi Court in Dieppe, the project received a total of $1.5 million in federal funding under the Canada – New Brunswick Affordable Housing Agreement to offset construction costs, as well as almost $1.7 million in rent supplements from the Province of New Brunswick for 45 units.

Recently announced, Phase III of the 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. The Federal Housing Trust Fund contribution of $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.

Phase I and II of the Canada – New Brunswick Affordable Housing Agreement involve 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.

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 up to 700 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, through the recently announced Housing Trust, 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 is 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 is 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