10/16/2023
The Provincial Government today introduced a five-point plan designed to increase the availability of housing that is affordable in Newfoundland and Labrador
1.Removal of the GST/HST on new purpose-built rental housing. This could potentially save developers hundreds of thousands of dollars depending on the size of the build.
2. A low interest financing program that will provide financing to assist in constructing purpose-built rental housing, including modular, or converting non-residential buildings into purpose-built rentals.
3. Use of available Provincial Government-owned land and buildings for construction or conversion for purpose-built rental housing, including modular.
4. A home ownership assistance program for first-time homebuyers with lower-to-moderate incomes who qualify for a mortgage to access the required downpayment to purchase a home. The program will also assist with closing costs of up to $1,500 to match the Federal First-Time Home Buyers’ Tax Credit.
5. A Secondary and Basement Suite Incentive, which will be a pilot project, whereby homeowners will be able to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000 over five years.
