Over 30 rental homes are finished construction, with the potential for hundreds more, through the provincial government’s Affordable Rental Housing Program.
Minister John Abbott provided the update at the site of a nearly-completed development in Pouch Cove on Friday.
He says currently 38 projects have received final approval, accounting for 325 new homes.
Of those, 33 units in three communities have been completed while construction is underway on another 158 around the province, with work on another 138 expected to begin soon.
John Abbott (VOCM News)
As well, Abbott said another 34 projects have received conditional approval. Once the green light is given, that will result in 450 rental homes, he said.
Abbott notes a condition of the program is that the rent for the properties is kept low.
He says for the next 15 years rent will be set at the low market standard set by CMHC.
That means a two-bedroom unit in Pouch Cove would cost about $880 per month, which would only increase with inflation.
