Aug 16, 2010 09:00 ET

MONCTON, NEW BRUNSWICK–(Marketwire – Aug. 16, 2010) – The Government of Canada and the Province of New Brunswick today announced an investment of close to $12.6 million for the construction and renovation of 825 housing units for low-income seniors, families and persons with disabilities. Funding in the amount of over $3.4 million will be for the renovation and retrofit of existing social housing, while close to $9.2 million will be for the construction of new affordable housing units.  

The funding was made available through Canada’s Economic Action Plan, the federal government’s plan to stimulate the economy and create jobs during the global recession. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure. The federal and provincial governments are contributing equally to this overall investment of $75 million under the amended Canada-New Brunswick Affordable Housing Program Agreement.  

The Government of Canada wants to improve the quality of existing social housing for low-income seniors, single parent families, recent immigrants and Aboriginal households. Canada’s Economic Action Plan provides $850 million under the Affordable Housing Initiative to provinces and territories for the renovation and retrofit of existing social housing as well as $475 million to build new rental housing for low-income seniors and persons with disabilities over two years.

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You may also want to read more about the Canada’s Economic Action Plan