A recently constructed housing project in Loon Bay for families, seniors and disabled people has received investment from the governments of Canada, Newfoundland and Labrador.
The investment is part of the extension of the Canada-Newfoundland and Labrador Affordable Housing Agreement which was implemented in 2009. The three governments are contributing a total of $140,000 for the construction.
The remaining funding will be provided by the developers of the property Rex and Florence Newman. The construction consists of four units each with two bedrooms. The Federal government of Canada and the provincial governments are already providing investments amounting to a total of $68.8 million for similar projects in the province. The Government of Canada plans to invest an additional $2 billion this year in housing projects through Canada Mortgage and Housing Corporation (CMHC). Out of this amount $1.7 billion will be spent for supporting around 615,000 households which are currently in social housing. The provincial governments are focusing on developing affordable rental housing in public and private sectors particularly for seniors, families and people with disabilities, low income individuals and homeless people in the private, public and non-profit sectors.
The investment is also in accordance with A Social Housing Plan for Newfoundland and Labrador-Secure Foundations, a long term social housing plan which was released by the provincial governments in 2009. These plans are also focused on creating healthier communities among low income groups.
Source: http://www.cmhc.ca