Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation
Government of Canada

Government of Canada
GOVERNMENT OF NEW BRUNSWICK

GOVERNMENT OF NEW BRUNSWICK

August 17, 2010 10:30 ET

Governments of Canada and New Brunswick Celebrate New Affordable Housing in Shediac

SHEDIAC, NEW BRUNSWICK--(Marketwire - Aug. 17, 2010) - The Government of Canada and the Province of New Brunswick today officially announced that construction is almost complete on a new affordable housing project for low-income families and persons with disabilities in Shediac.

The Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC); and the Honourable Victor Boudreau, Minister of Business New Brunswick, made the announcement today.

"Our Government is dedicated to giving a hand-up to those in need in New Brunswick through these tough economic times," said Minister Finley. "Through projects like these, we are providing safe affordable housing to low-income residents in our community while also creating jobs and stimulating our economy."

"We are pleased to join our partners in these projects to help increase the availability of high-quality and affordable homes for low-income families and those with disabilities in Shediac," said Boudreau, on behalf of Social Development Minister Kelly Lamrock. "Affordable housing is a key component of New Brunswick's poverty reduction plan and our housing strategy to ensure New Brunswickers have a quality, energy efficient place to call home."

The new 24-unit development, which includes 12 units of affordable housing, is located on Gallagher Street in Shediac. The developer, Vesta Apartments Ltd, will receive $480,000 in federal funding toward construction costs, as well as $556,680 in rent supplements from the Province of New Brunswick for 12 of the units. The housing development will include six units for families and six units for persons with disabilities. 

The province's housing strategy, Hope is a Home, is a five-year plan to reduce poverty by making housing more affordable. The strategy recognizes the need to build new units to serve the need for affordable housing, create mixed income neighbourhoods, revitalize old neighbourhoods and repair and renovate older housing stock.

Funding for this project was made available through a joint investment under the Affordable Housing Trust and also under the amended Canada-New Brunswick Affordable Housing Program Agreement.

In 2006, the federal budget announced an investment of $1.4 billion over three years for three housing trusts to address immediate pressures for affordable housing. For New Brunswick, this meant a federal allocation of $18.4 million under the Affordable Housing Trust. In 2008, the Government of Canada committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. Canada's Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

The amendment to the Canada-New Brunswick Affordable Housing Program Agreement, which implements the two year extension of AHI as well as funding under Canada's Economic Action Plan brings $42.66 million in federal funding to the province. The Government of New Brunswick will match that commitment for a total of $85.32 million to assist those in housing need and, in collaboration with other levels of government and community partners, to make various types of affordable housing programs possible.

More information on Canada's Economic Action Plan, the federal government's plan to stimulate the economy and protect those hit hardest by the global recession, can be found at: www.actionplan.gc.ca.

To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan. For more information on Canada's Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.

Contact Information

  • Chris Connor
    Department of Social Development (N.B.)
    506-444-3730
    or
    Giselle Thibault
    CMHC Atlantic
    902-426-8320
    or
    Michelle Bakos
    Press Secretary
    Office of Minister Finley
    819-994-2482