Federal government invests in over 400 affordable homes in New Brunswick

Press Release

July 26, 2024

Today, the federal government announced more than $9.5 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair of 406 affordable homes in Moncton and across New Brunswick.

The announcement was made by The Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence, and Member of Parliament for Moncton – Riverview, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.

It took place at the site of the Cornerstone Co-op Ltd. repairs project, located at 162 Preston Street in Moncton, which received $3.47 million through the AHF. The organisation is nearing completion of the renewal of 107 townhomes, including energy efficiency updates and providing key updates to accommodate priority groups like women and children.

A detailed list of projects that received funding is provided in an appendix to this release.

Quotes:

“Everyone deserves a place to call their own and the Affordable Housing Fund is one way we’re helping make that a reality for Canadians. We will keep investing in affordable housing projects like the ones announced today, and we will continue to keep working with partners across the country to end the housing crisis once and for all.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“Today’s announcement is yet another step towards ensuring that all New Brunswickers have a place to call home. This initiative is essential to meeting the growing need for housing and creating safe and affordable environments where everyone can thrive. By investing in housing, we strengthen our communities and ensure a bright future for generations to come.”
— The Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence

Quick facts:

The federal funding announced today is helping create a total of 21 new homes and is leading to the repairs of 385 homes.
The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable homes and renovate and repair existing, affordable and community housing.
Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
As of March 2024, the federal government has committed $50.97 billion through the NHS to support the creation of over 146,000 units and the repair of over 286,000 units.
To support the Government’s work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

Additional Information:

Visit Canada.ca/housing for the most requested Government of Canada housing information.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

For information on this news release contact:

Micaal Ahmed
Office of the Minister of Housing, Infrastructure and Communities
micaal.ahmed@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca

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