Governments of Canada and New Brunswick Extend Funding To Offer More Affordable Housing Solutions in New Brunswick

EDMUNDSTON, NEW BRUNSWICK--(Marketwired - April 28, 2014) - Together, the Governments of Canada and New Brunswick announced an additional combined investment of $78 million over five years, to help more individuals and families in need access affordable housing. The funding will be delivered through an extension to the Investment in Affordable Housing (IAH) agreement.

"Our Government remains committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs," said the Honourable Bernard Valcourt, Minister of Aboriginal Affairs and Northern Development and Member of Parliament for Madawaska-Restigouche, on behalf of the Honourable Candice Bergen, Minister of State for Social Development. "By partnering with the provinces and territories we want to ensure that this investment improves the quality of life of low-income Canadians, and creates needed jobs and opportunities for apprentices."

"Our government is mindful of how important its role is and will continue to be in helping people access affordable housing in this province," said Premier of New Brunswick, David Alward. "With this extension, we can continue our progress on the development of safe, affordable and energy efficient housing for low-income families, non-elderly singles, seniors and people with disabilities in New Brunswick."

The federal portion of this funding comes from Economic Action Plan 2013, which announced the Government of Canada's commitment to investing more than $1.25 billion nationally over five years to extend the Investment in Affordable Housing and to creating opportunities for apprentices, which will support the training of skilled labour in residential housing. Governments will report annually to the public regarding the investments and progress toward achieving the intended outcomes of the IAH.

Under the new 2014-2019 IAH agreement, the province of New Brunswick has the flexibility to design and deliver a range of affordable housing programs to address local housing needs and priorities. In New Brunswick, the funds will be used to increase the supply of affordable housing through new construction; improve housing affordability through rental subsidies; improve and preserve existing housing stock occupied by low-income homeowner and rental households; and foster safe and independent living for persons with disabilities and seniors.

On November 9, 2011, the Governments of Canada and New Brunswick announced an IAH agreement with a combined investment of some $47 million for the 2011-2014 period. This new agreement extends the original agreement for the 2014-2019 period with an additional combined investment of $78 million.

From April 2011 to December 2013, the IAH had already helped more than 177,500 households nationally, including more than 4,770 in New Brunswick.

The investments made by the provincial government are helping to move New Brunswick forward by providing quality, affordable housing options for low-income individuals, families and seniors. For more information on affordable housing projects in New Brunswick, visit http://www2.gnb.ca/content/gnb/en/departments/social_development.html.

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

Backgrounder: For information on the Investment in Affordable Housing click here.