Affordable Rental Housing Program
Social Development
Overview
Provides financial assistance to private entrepreneurs, private non-profit corporations (includes off-reserve Indigenous population), and co-operatives for the construction, rehabilitation, and conversion of rental housing projects.
Eligibility
A development proposal is eligible if it meets the following requirements:
- Eligible projects must create basic affordable rental units that would rent at or below the average market housing rents or prices for comparable housing in a community or area.
- Eligible tenants include families, seniors, non-elderly singles, disabled households, persons with special needs. Supportive housing programs may also be used to assist vulnerable seniors and adults to help them maintain or resume independent living it their own home.
- All new construction projects must conform to current design & building standards. Existing buildings must conform to acceptable standards, as determined by this department.
- Private non-profit organizations must incorporate under provincial or federal legislation.
A proposal is to contain the following specific information:
- information on sponsoring group
- development plans
- target group
- site selection consideration
- concept proposal
- additional cost effectiveness considerations
- development schedule
Description
Funding is in the form of a forgivable loan and is based on the cost of eligible work and the number of eligible self-contained units within a project. The maximum forgivable contribution for projects is outlined in the table below. Non-profit groups may receive funding for up to 100% of the units within a project. Private entrepreneurs are limited to funding for no more than 50% of the total units within a project. Projects will also be eligible to receive an additional $15,000 per funded accessible unit built through ARHP. Borrowers will enter into a Mortgage Agreement with Housing NB to ensure that units remain affordable to low and moderate income households.
Non-Profits - Unit Type
Bachelor: $70,000
1-Bedroom: $77,000
2-Bedroom: $83,000
3-Bedroom: $88,000
Private Entrepreneurs - Unit Type
Bachelor: $60,000
1-Bedroom: $66,000
2-Bedroom: $72,000
3-Bedroom: $77,000
| Contact Information | Location | |
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| Social Development Regional Offices | ||
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Caraquet
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