Feds spending over $30 million for Saint John rental housing

The federal government is spending $30 million on rental housing in Saint John, N.B.

The federal government is spending $30 million to aid with the construction of 79 housing units through the Apartment Construction Loan Program (ACLP).

The ACLP is a government program that provides repayable low-interest loans to help increase development of rental units for middle-class Canadians.

The federal dollars will support the on-going development of a 79-residental unit building being constructed by the Fundy Harbour Group along the Saint John waterfront. It is the first of five buildings, that will include both retail and residential opportunities, set to be erected on the property over the next decade.

“This project in itself will be a part of Saint John’s revitalization,” says Wayne Long, Saint John MP and Secretary of State for the Canada Revenue Agency and Financial Institutions, who made Wednesday’s announcement on behalf of Housing and Infrastructure Minister Gregor Robertson.

“We’ve worked probably over the last six to eight months with the Fundy Harbour group to make this happen. We know Saint John needs apartments, and we know Saint John needs more housing.”

The waterfront development once completed will offer residents accessible housing options in the heart of uptown Saint John. The building is situated close to various places of employment, essential services, and public transit hubs.

Fundy Harbour Group President Chris Elias says the summer conditions allowed for a productive summer of concreate pouring and erecting the structural steel. He is hopeful to have the building completed in December, and have it open in late 2026.

“I fully believe we have the opportunity not only to compete in Atlantic Canada, but in the entire eastern seaboard for waterfront sites with what we have here at Saint John,” Elias says. “This funding has been what has given us the ability, in partnership with the HST reduction, to get confident enough in the environment to build rental apartments here on the waterfront.”

The federal dollars announced in Saint John are the latest in a slew of recent housing announcements both in New Brunswick and across Canada. Also announced Wednesday was $7.4 million in combined funding by the province, feds, and municipality for new water infrastructure in Tracadie.

New Brunswick Housing Corporation Minister David Hickey says the recent announcements are a sign things are slowly turning with the national housing crisis.

“We can see the corner,” Hickey believes. “I think we’ve got a lot of work to do, there’s a long hill still ahead, we have a massive crisis on affordability of homelessness that we need to deliver on, but we need to show New Brunswickers that we have a vision on homelessness, on housing affordability and deliver.”

“This is part of making sure we add more supply to the housing market to offer more options for more New Brunswickers.”

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