The provincial government has announced a five-point plan to increase the availability of housing that is affordable.
The first point of the plan is the removal of the HST/GST on new purpose-built rental housing, which according to government will save developers hundreds of thousands of dollars depending on the size of the build.
Next, a low interest financing program will be introduced to assist in constructing rental housing, including the conversion of existing residential buildings. Applications will be opened in winter 2024.
Third is the use of available crown lands and buildings for the construction or conversion of rental housing.
The fourth point is a home ownership assistance program to help with down payments and closing costs for those with low to moderate incomes who already qualify for a mortgage. Applications for that program open on November 1.
The final point is a secondary and basement suite incentive. It’s pilot project whereby homeowners will receive a loan of 50 per cent of renovations, up to $40,000 over five years. Implementation of that program is expected in the new year
Rally for Housing
The Minister Responsible for NL Housing was booed when he addressed a small group of people who huddled near the front door of Confederation Building in the driving rain over the lunch hour.
He told those gathered at Confederation Building that government is working towards getting suitable and affordable housing for all Newfoundlanders and Labradorians.
The rally was organized to bring attention to the housing crisis in Newfoundland and Labrador and coincided with a government announcement on new measures being implemented to address the problem.
Rally to bring attention to Housing And Homelessness issue in NL happening at the Confederation Building, St John’s. Organizer, Leigh Bursey greets attendees. pic.twitter.com/CqbFcqKahb
— VOCM News (@VOCMNEWS) October 16, 2023
