Provincial Government Launches Second Round of Affordable Rental Housing Program

Building on continued interest from developers, Newfoundland and Labrador Housing Corporation today launched a second request for proposals (RFP) under the Affordable Rental Housing Program.

In November 2023, NLHC approved more than $80 million for private and community sector projects through the first round of the program. Construction under the program is well underway, including:

96 completed homes from 11 projects in 11 communities.
162 homes under active construction from 20 projects in 15 communities.
An additional 163 homes from 15 projects have final approval, and are expected to begin construction in the coming weeks.

The second round of the RFP will reallocate $13 million which was originally allocated in the first round to projects that are no longer proceeding. Priority for this round may be given to “shovel-ready” projects to advance builds as quickly as possible.

The Affordable Rental Housing Program provides one-time capital funding in the form of a forgivable loan to support the development of new affordable rental homes throughout the province.

Homes developed through the private stream must remain at affordable rates set by the NLHC for between 15 and 20 years, and be rented to individuals or families with a maximum household income of $42,000. Developers receive between $55,000 and $95,000 per unit, based on a number of incentive criteria, including the affordability period they select. Construction should be completed by the fall of 2027.

Homes funded through the community stream must remain at affordable rates for 25 to 30 years, and be rented to individuals or families with a maximum household income of $38,000. Available funding per unit can range from $120,000 to $180,000.

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“Under the Affordable Rental Housing Program, hundreds of new affordable homes are going up in communities around the province. By launching this second round, we are allowing builders another opportunity to avail of NLHC support to grow our affordable housing stock. We are excited to move forward with this program, helping both private and community sector groups to participate further in this successful initiative.”
Honourable Jamie Korab
Minister Responsible for the Newfoundland and Labrador Housing Corporation

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Affordable Rental Housing Program

Hundreds of Homes Going Up Through the Affordable Rental Housing Program

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