A $68-million Investment in Affordable Housing (IAH) agreement has been reached with the federal government and the Government of Newfoundland and Labrador. The funding, delivered through an extension to the existing IAH agreement, will be distributed through the Newfoundland and Labrador Housing Corporation (NLHC) over the course of five years.
Under the agreement, the NLHC will allocate $27-million for the construction of approximately 590 new affordable housing units with the remaining $41-million available for use through the Provincial Home Repair Program. This program allows the NLHC to provide financial assistance to low-income households for necessary renovations and repairs.
“The Provincial Government, through Newfoundland and Labrador Housing Corporation, invests significantly in social housing,” says Keith Hutchings, Minister of Municipal and Intergovernmental Affairs. “This federal-provincial agreement will provide more affordable homes for seniors and others in housing need, and enable more individuals and families to repair their own homes and continue living in their communities.”
The provincial portion of the IAH agreement will focus on and prioritize the development of rental housing for persons with disabilities, seniors and people who require support to live independently. Since April 2011, the agreement has helped over 6,400 households in Newfoundland and Labrador and, by the end of the agreement extension, 1,700 new affordable homes will have been constructed in the province.