Atlantic Canada to receive $98.7M for affordable housing

Federal government pledges $99M for Atlantic homes The federal government is offering $99 million in low-interest and forgivable loans to build and repair affordable homes in Atlantic Canada.

Atlantic Canada will receive just under $99 million to build and repair affordable homes in the four provinces, according to an announcement from the federal government.

Federal ministers Dominic LeBlanc and Ginette Petitpas Taylor were in Moncton, N.B., Friday afternoon to make the announcement.

“This is a top up of different funding that’s already been provided to the provinces and territories,” Petitpas Taylor said. “Today we’re making the Atlantic announcement, because again, we want to ensure that the organizations that need more assistance will be having it.”

The money will come as low-interest and forgivable loans from the Affordable Housing Fund and will be put towards building and repairing 4,123 affordable homes through 69 projects in New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador.

“When it comes to solving the housing crisis it is not a silver bullet solution,” said Petitpas.

“We have to have all hands on deck and that’s why the federal government wants to be a willing partner at the table.”

Officials say work is already underway and specific projects will be announced in the near future.