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Affordable Housing Programs – New Brunswick

Affordable housing program facilitate private entrepreneurs, private non-profit corporations and co-operatives for the construction, acquisition & rehabilitation, conversion and operation of rental housing projects.

Eligibility:

  • A development proposal is adequate, if it follows the requirements which are given below:
  • Suitable projects must create reasonable rental units that would rent at the low price than the standard market housing rents.
  • Eligible tenants contain families, disabled households, and persons with special needs, seniors, and non-elderly singles. Supportive housing programs can also be used to support citizens to help them to remain independent at their own home.
  • All new construction projects must be traditional to satisfactory standard.
  • Private non-profit organizations must incorporate under federal or provincial legislation.

A proposal is to contain the following specific information

  • Development plan
  • Information on sponsoring group
  • Concept proposal
  • Target group
  • Site selection consideration
  • Development schedule
  • Additional cost effectiveness considerations

It assists in the form of a defensible loan and is based on the cost of eligible work. The maximum forgivable contribution for projects sponsored by non-profits groups is $40,000 per unit and may include 100% of the units within a project. Private entrepreneurs are eligible for utmost contribution of $40, 000 per unit, limited to no more than 50% of the total units within the project.

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