Federal/ProvincialAffordable Rental Housing ProgramPresentation for the New Brunswick Non-profit Housing Association’s Annual General Meeting May 8, 2010<br />Leanne Smith<br />Housing & Homelessness / Logement et itinérance<br />Social Development / Dévelopement sociale <br />
PROGRAM OVERVIEW<br />The ARHP provides financial assistance to non-profits, co-operatives, and for-profit groups for the construction of new affordable rental housing projects<br />Assistance is in the form of a forgivable loan and rental subsidies, and is based on the cost of work and number of units<br />
PROGRAM OVERVIEW & DETAILS<br /><ul><li>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</li></li></ul><li>PROGRAM OVERVIEW & DETAILS<br /><ul><li>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.</li></li></ul><li>DELIVERY STATUS UP-DATE <br /><ul><li> 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</li></li></ul><li>Fredericton Non-profit- York Street<br />