Federal/ProvincialAffordable Rental Housing ProgramPresentation for the New Brunswick Non-profit Housing Association’s Annual General Meeting

May 8, 2010 Leanne Smith

Housing & Homelessness / Logement et itinérance

Social Development / Dévelopement sociale 

PROGRAM OVERVIEW

• The ARHP provides financial assistance to non-profits, co-operatives, and for-profit groups for the construction of new affordable rental housing projects

• Assistance is in the form of a forgivable loan and rental subsidies, and is based on the cost of work and number of units

PROGRAM OVERVIEW & DETAILS

The Affordable Rental Housing Program began in 2003, and has been delivered in four “Phases”

Phase I consisted of $14.98M delivered over a 4 year period, under which a total of 406 new affordable housing units were created

Phase II consisted of $7.57M delivered over a 3 year period, under which 177 new affordable housing units were created

Phase III (Housing Trust) consisted of $17.4M delivered over a 3 year period, and created a total of 545 new units

PROGRAM OVERVIEW & DETAILS

Currently we are in the process of delivering « Phase IV », which consists of the AHI Extension and the Economic Stimulus

Under the AHI Extension, consisting of $4.88M, 122 new affordable housing units will be created by 2012.

The Economic Stimulus funding of $10.96M will create 274 new units specifically targeted to seniors and disabled clients.

DELIVERY STATUS UP-DATE

Delivery of the « Carry-over » portion of the Phase III Housing Trust has recently been completed, as of March 31, 2010. Construction is expected to be completed on all units by March 2011.

Under Phase IV, AHI Extension, all units have been targeted for funding, and 91 of those have been approved to date

Under the Economic Stimulus, all units have been targeted for funding, and 99 projects have been approved

Fredericton Non-profit- York Street

Tannery Court - Moncton

Saint John Non-profit - Main Street

Sussex Resource Centre