Saint John hopes a new grant program will help create dozens more affordable housing units in the city.
The Affordable Housing Grant Program was officially approved by city councillors on Monday night.
According to a staff report, the $800,000 funding program could help create between 30 and 60 new units.
The money was provided by the province through funding received from the federal government’s Transit Fund.
Coun. Joanna Killen said the fund will focus on projects “that will make the biggest difference in terms of the overall number of units, innovation, and how they respond to gaps in the market.”
Non-profit developers can access $10,000 per affordable unit up to $200,000, while private developers can get up to $8,000 per unit up to $160,000.
An additional grant of up to $50,000 is also available for projects that address market gaps, such as three-bedroom units, vacant building retrofits, and exceedance of accessibility or energy efficiency standards.
Killen said all projects must be eligible to get funding through the province’s Affordable Rental Housing Program or a Canada Mortgage and Housing Corporation funding program.
“Doing so will ensure that a minimum 20-year depth of affordability is achieved, hopefully, more,” said Killen.
In addition, projects must be located within one kilometre of a transit stop or within an Intensification Area of the city.
The project must comply with the zoning bylaw and municipal plan, and a building permit and proof of funding sources must be submitted within 12 months of applying for a grant.
Applications for the first round of funding are open until Feb. 8.
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