The Honourable Paul Pike, Minister Responsible for the Newfoundland and Labrador Housing Corporation and Minister of Children, Seniors and Social Development, today announced a provincial investment of over $80 million to support 91 private and community housing sector projects that will see the construction of approximately 900 new affordable rental housing homes throughout the province.

Joining Minister Pike at the announcement was Alexis Foster, Chief Executive Officer of the Canadian Home Builders Association-Newfoundland and Labrador, and Kelly Heisz, Executive Director of SeniorsNL.

Announced in Budget 2023, the Affordable Rental Housing Program provides one-time capital funding in the form of a forgivable loan to assist in the creation of affordable rental homes. The program is being delivered through the Newfoundland and Labrador Housing Corporation and will focus on supporting seniors, as well as other vulnerable populations including young adults, Indigenous peoples, persons with disabilities, newcomers, women and children fleeing violence and people experiencing homelessness. Accessibility and energy efficiency are also key design elements of the program.

Successful proponents will own and manage their projects and rent to lower income households at or below rates established by the Newfoundland and Labrador Housing Corporation. These rates will be based on annual rental market reports published by Canada Mortgage and Housing Corporation. In addition to the creation of more than 900 affordable rental homes, selected projects propose the creation of over 240 market rental homes which will further support the longer-term sustainability of the housing developments.

This investment also presents significant opportunities to contribute to provincial economic activity through the engagement of contractors, building supply businesses and the related economic spin-offs.

Access to safe and affordable housing is an important social determinant of health. Last month the Provincial Government unveiled a five-point plan designed to increase the availability of housing that is affordable in Newfoundland and Labrador, and last week released an inventory of vacant provincial land in the St. John’s metro region that can be made available for the development of purpose-built rental housing that is affordable.

A list of the approved projects can be found in the backgrounder below.

Quotes
“We continue to take concrete action to increase the supply of affordable housing throughout the province. Today’s announcement builds on our government’s recent five-point plan and is a great example of how we can work together with our private and community partners to provide affordable housing for individuals and families to live, work and thrive in the communities they call home.”
Honourable Paul Pike
Minister Responsible for the Newfoundland and Labrador Housing Corporation and
Minister of Children, Seniors and Social Development

“Access to affordable housing is vital to the health and well-being of all Newfoundlanders and Labradorians. The participation, by both private and community sector entities, underscores the importance of this initiative. The creation of these new affordable homes will help address the housing supply shortage in our province and provide individuals with more availability and choice to meet their housing needs.”
Alexis Foster
Chief Executive Officer, Canadian Home Builders Association-Newfoundland and Labrador

“Inquiries to our organization from seniors looking for affordable housing are at an all-time high. Rents are high, vacancies are low, and the cost of living continues to rise. Increasing the affordable housing stock in this province is welcome news and will certainly help seniors living on low income who need it the most.”
Kelly Heisz
Executive Director, SeniorsNL

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Media contacts
Jenny Bowring
Newfoundland and Labrador Housing Corporation
709-724-3055
jmbowring@nlhc.nl.ca

Alexis Foster
Canadian Home Builders’ Association – NL
709-753-2000
ceo@chbanl.ca

Kelly Heisz
SeniorsNL
709-737-5904
info@seniorsnl.ca