FREDERICTON, NB, Feb. 28, 2023 /CNW/ – Today, Jenica Atwin, Member of Parliament for Fredericton, on behalf of the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, alongside the Honourable Jill Green, Minister of Service New Brunswick and Minister responsible for Housing, announced a combined federal and provincial investment of over $13.3 million to support the creation of an additional 60 new affordable micro-homes for people experiencing homelessness in Fredericton.
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The 12 Neighbours is a community of fully independent and detached micro-homes, on their own small private yard, located at 100 Smartcentres Way in Fredericton. The first phase of the project included 36 micro-homes being arranged in neighborhood blocks of 12, while this second phase will create 60 additional micro-homes. Each of the 96 homes will be 200 square feet and will feature a covered front deck, a three-piece bathroom, a fully equipped kitchen, a sleeping space for one or two people, and a living and dining area. The homes are built by in a warehouse located at 140 Clark St., in accordance with the province’s Green Building standards. The project will also include a social enterprise centre with retail space and services.
The Government of Canada is contributing $3.8 million for Phases I and II of the project through the National Housing Co-Investment Fund (NHCF), a key component of the National Housing Strategy (NHS) and a program delivered by Canada Mortgage and Housing Corporation (CMHC). Additionally, the provincial and federal governments are investing a combined $2.4 million for Phase II in the form of a forgivable loan through the Affordable Rental Housing Program, an initiative of the Canada–New Brunswick Bilateral Housing Agreement.
In addition, rent supplements for each unit built during the second phase will ensure that tenants do not pay more than 30 per cent of their total household income in rent. This represents an additional investment of $7.1 million over the next 20 years. Last year, the first phase of the project received $1.4 million, in the form of a forgivable loan through the Affordable Rental Housing Program, as well as rent supplements for each unit.
The Affordable Rental Housing Program 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. Assistance 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 or bed units within a project.
Quotes:
“Everyone in Canada deserves a safe and affordable place to call home. This is why we are proud to be creating an additional 60 units of affordable housing for those who need it most. Today’s announcement is a step forward in our ongoing efforts to deliver meaningful results and increased affordability for Canadians, including those living right here in Fredericton. This is just one way our government’s National Housing Strategy is ensuring no one is left behind.” – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion
“Access to housing is a human right and it is essential to one’s sense of dignity, safety and inclusion. This project is yet another example of what can be achieved when all levels of government work together. Through this collaboration, our government is taking concrete steps to help ensure that the most vulnerable people living in Fredericton have safe and affordable housing that allows them to thrive.” – Jenica Atwin, Member of Parliament for Fredericton
“12 Neighbours Community Inc. is certainly the most innovative initiative that has been developed in New Brunswick to help vulnerable residents in need of housing, and we are pleased to provide more funding for that project. Dozens of low-income individuals that were confronted with homelessness have already found a home in the 12 Neighbours community and many more will have that opportunity thanks to Phase 2 of the project.” – The Honourable Jill Green, Minister of Service New Brunswick and Minister responsible for Housing
“We are pleased to receive this important support from both levels of government on this project. This neighbourhood of micro-homes already makes an important difference in the lives of so many people, and the completion of the project will be an asset for the overall Fredericton community as an important contributor in helping to reduce homelessness.” – Marcel Lebrun, Founder of 12 Neighbours Community Inc.
Quick facts:
Canada’s National Housing Strategy (NHS) is a 10-year, $82-plus billion plan that will give more Canadians a place to call home.
NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life, and people with lived experience of housing need.
All NHS investments delivered by the federal, provincial, and territorial governments will respect the key principles of NHS that support partnerships, people, and communities.
The National Housing Co-investment Fund (NHCF) program is delivered by CMHC under the NHS.
With a budget of $13.2 billion, the NHCF gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous Peoples, people with disabilities, those dealing with mental health and addiction issues, veterans, and young adults.
Budget 2022 proposes to advance $2.9 billion in funding, on a cash basis, under the National Housing Co-Investment Fund, so that all remaining funds from this program will be spent by 2025-26, accelerating the creation of up to 4,300 new units and the repair of up to 17,800 units for Canadians who need them most.
Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes.
Related links:
As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that, by 2030, everyone in Canada has a home that they can afford and that meets their needs. For more information, please visit cmhc.ca, or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
For further information: Media contacts: Brittany Hendrych, Office of the Minister of Housing and Diversity and Inclusion, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Rebecca Howland, Communications, Minister of Social Development, [email protected]
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
