SAINT JOHN, NEW BRUNSWICK--(Marketwire - Nov. 18, 2011) - Rodney Weston, Member of Parliament for Saint John, 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, today announced support for a local housing initiative for seniors which will also help revitalize Crescent Valley.
Funding in the amount of $1.2 million has been made available for the initiative through Canada's Economic Action Plan, the federal government's plan to stimulate the economy and create jobs during the global recession. The amount also includes funding under the Investment in Affordable Housing. The federal and provincial governments are contributing equally to this overall investment of $75 million under the amended Canada – New Brunswick Affordable Housing Program Agreement.
Canada's Economic Action Plan provided $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan included $2 billion for the construction of new and the renovation of existing social housing, plus $2 billion in low-cost loans to municipalities for housing-related infrastructure.
"Our Government is dedicated to giving a hand-up to those in need, which is why we are proud to have invested in this project in Saint John", said MP Weston. "These new units are more than just a safe and affordable place to live, they are key to meeting the needs of seniors who will call them home."
"I am pleased to work with all of our partners to contribute to such a worthy project," said Stultz. "This development is a wonderful example of all aspects of the community coming together to create quality, affordable housing that will not only have a meaningful impact on the lives of the residents but will also play a key role in revitalizing Crescent Valley."
Elias Management Group Inc. will construct a mid-rise seniors' apartment building comprised of 60 units in Crescent Valley. The building will include 30 units that are intended as one-bedroom rent subsidized units, six units that will be fully accessible and the remaining 24 units will be senior-friendly. Half of these senior-friendly units will include roll-in showers. The remaining 30 units are intended as one and two bedroom market units.
In addition to the funding provided through Canada's Economic Action Plan, the $9 million project is receiving more than $2.3 million in rent supplements from the provincial government.
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. As part of this investment, the Affordable Housing Initiative and the federal renovation programs for low-income households were extended for two years, which represented some $15.6 million in federal funding for New Brunswick. A new agreement signed in November 2011 by both levels of government implements New Brunswick's allocation of the remaining three years of the $1.9 billion, which amounts to a further $23.4 million in federal funding for New Brunswick residents in housing need.
More information on this and other measures in 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.