The substantial investment is aimed at providing low-cost units for the area’s most in-need individuals
Governments, along with the Canada Mortgage and Housing Corporation, have announced a substantial investment in the development of a new affordable housing complex in Saint John, New Brunswick.
The federal government’s $1.33 million investment, which was made possible by the National Housing Strategy’s National Housing Co-investment Fund, is allocated for the construction of the Unified Saint John Housing Co-operative’s Victoria Street building.
The three-storey building will be offering low-cost housing units primarily intended for low-income women, including women with children.
Read more: Atlantic Canada – how is each major housing market performing?
“This investment from the Government of Canada’s National Housing Co-investment Fund is improving the quality of life for the women and their children who call USJ Victoria Commons their home and has made our city a better place to live,” said Wayne Long, Member of Parliament for Saint John-Rothesay. “When people have a secure and stable home, they gain the confidence they need to succeed and fulfill their potential.”
The provincial government is also supporting the project through a forgivable loan of $480,000, as well as rent supplements for 12 of the units “to ensure the tenants do not pay more than 30% of their total household income in rent,” CMHC said.
