Feds Invest $30M in Saint John Waterfront Multi-Family Development
AI Article Summary
The federal government has invested $30 million in a waterfront multi-family rental project in Saint John, New Brunswick. The funding, provided through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program, supports the construction of a 79-unit development aimed at addressing the housing shortage. The Fundy Quay SW Building will offer sustainable and accessible housing, located near key services and public transit. Construction is expected to be completed by late 2026.
What This Means for Canadian Contractors
This project shows how federal support through loan programs can be a critical factor in progressing multi-family developments, helping alleviate housing shortages. For Canadian builders, this means increased collaboration with government programs can lead to successful project initiation and financing. It might also set a precedent for similar future projects regarding permit acquisitions and partnerships with authorities.
