Saint John affordable housing project gets $1.8M
Funding will help keep rent 'deeply affordable,' says federal housing minister
An affordable housing project in Saint John's north end has received $1.8 million from the federal and provincial governments, officials announced Friday.
Ottawa is providing $1.33 million for the 14-unit building on Victoria Street through the National Housing Strategy's National Housing Co-investment Fund.
New Brunswick is providing a forgivable loan of $480,000 and rent supplements for 12 of the units to ensure those tenants do not pay more than 30 per cent of their total household income in rent.
"Every Canadian deserves a safe and affordable place to call home," said federal Families, Children and Social Development Minister Ahmed Hussen, who is also the minister responsible for the Canada Mortgage and Housing Corporation.
The initial average rent will be roughly $256, "deeply affordable," compared to the median market rent of about $662, he said.
"Low-income individuals and families in Saint John now have access to affordable homes where they can build a promising future for themselves."
Social Development Minister Bruce Fitch said the province believes New Brunswickers deserve access to an affordable, safe, suitable and comfortable home within an inclusive community.
"It is a key component of our efforts to develop vibrant and sustainable communities," he said in a statement. "That is why we are pleased to invest in this affordable housing project in Saint John and to provide new rent-supplemented units, including accessible units, for the benefit of low-income women with and without children, for the next 20 years."
Construction of the Unified Saint John Housing Co-operative's three-storey building began in the spring of 2019 and was completed in the fall of 2020.
"This project is a great example of momentum that builds when a group of people with similar interests get together to work towards the same goal," said Lynn Wood, president of the co-op's board of directors.
The building is "the jewel that will anchor neighbourhood revitalization for years to come," she said.