Governments of Canada and New Brunswick Sign Agreement to Deliver Investments for Affordable Housing

MONCTON, NEW BRUNSWICK--(Marketwire - Nov. 9, 2011) - The Government of Canada and the Province of New Brunswick today announced a combined investment of close to $47 million under a new affordable housing agreement that will continue to reduce the number of households in housing need. The Honourable Keith Ashfield, Minister of Fisheries and Oceans, Minister for the Atlantic Gateway and Regional Minister for New Brunswick, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) along with Sue Stultz, New Brunswick Minister of Social Development and Minister Responsible for Housing, made the announcement today.

"The Government of Canada is proud to support an agreement that will create jobs and growth in New Brunswick," said Minister Ashfield. "This agreement not only recognizes the need for local solutions to housing challenges, but also acknowledges the importance of reporting on our progress, achievement and outcomes. This is a major investment that will benefit Canadians in this province."

"I am pleased to work with our federal partners to reach this agreement that will see more New Brunswickers benefit from investments in affordable housing," said Stultz. "This new funding gives the province more flexibility to design and deliver housing programs that will help address our housing needs and improve our housing stock. Through our partnership with the Government of Canada, we will continue to help build and strengthen communities in New Brunswick by providing quality, affordable housing options for low-income individuals, families and seniors."

The Agreement comes as a result of the recently announced Investment in Affordable Housing 2011-2014 Framework Agreement between the federal, provincial and territorial governments.

Recognizing the diversity of affordable housing needs throughout the country, the Province will have responsibility for the design and delivery of programs in order to address specific priorities in their jurisdictions. Under the new agreement, the Province of New Brunswick will use the funds for such things as new construction and rental subsidies. Both levels of government will publicly report on progress on an annual basis.

The announcement was made at Flanders Court Residences, which received $1.2 million in federal and provincial funding through the Affordable Housing Initiative Extension Agreement and Seed Funding for the construction of 10 new units of affordable housing for low-income singles and persons with disabilities.

Today's announcement fulfills the remainder of a five-year commitment made in September 2008 by the Government of Canada to provide more than $1.9 billion to address the needs of low-income Canadians, those at risk of homelessness, and the homeless.

Canada's Economic Action Plan

The federal investments announced today are part of the Government of Canada's $1.9 billion commitment for housing and homelessness programs announced in 2008. The initial phase of Canada's Economic Action Plan built on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing, plus $2 billion in low-cost loans to municipalities for housing-related infrastructure.

CMHC

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/housingactionplan. 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 2011-2014 Framework Agreement visit: http://www.cmhc.ca/en/corp/nero/nere/2011/2011-07-04-0930.cfm.