Funding approved for 14 new affordable housing units in Fredericton
The four housing projects will assist people experiencing homelessness and those with disabilities. (PHOTO: Government of New Brunswick)
More than a dozen affordable housing units are coming to Fredericton.
The provincial and federal governments are providing $560,000 through the Affordable Rental Housing Program to create 14 new affordable housing units in the province’s capital. The four housing projects will assist people experiencing homelessness and those with disabilities.
“We are making more investments in the housing sector to ensure that appropriate options will be available in the future,” said Social Development Minister Dorothy Shepard in a Wednesday news release. “We are pleased to receive support from the non-profit and private sectors to help respond to the housing needs of New Brunswickers.”
The Affordable Rental Housing Program provides financial assistance to private entrepreneurs, private non-profit corporations, and co-operatives with the cost of rental housing developments. The assistance comes in the form of a forgivable loan. The amount applicants are eligible for depends on the cost of their applicable work, as well as the number of approved self-contained units or bed units within a project.
In order to be approved, projects must also include rent supplements for their affordable housing units, in an effort to ensure tenants aren’t paying more than 30 per cent of their total household income in rent --- a common benchmark for affordable rental costs.
“New homes will have a positive impact on the lives of people facing homelessness and persons with disabilities,” federal Housing and Diversity Inclusion Minister Ahmed Hussen said. “This is one of the many ways our government’s National Housing Strategy will ensure that no one is left behind.”
Two of the four housing projects will be overseen by non-profit organizations, while the other two will be created by private developers. The non-profits – Christ Church Parish Church and the Symthe Street Cathedral Inc. – each received $160,000 to help with construction costs for four housing units each for non-elderly single individuals and people with disabilities. All of the eight units will receive rent supplement assistance.
Meanwhile, Sherico Development Inc., received $160,000 to develop a new apartment building on Hughes Street, with at least four of the eight housing units receiving rent supplement assistance.
MHM Property Management Ltd., also received $80,000 to help with the construction of an apartment building on George Street. The development will see two of eight housing units provided with rent supports.
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