MIRAMICHI (GNB) – The federal and provincial governments announced funding for a new affordable housing development in Miramichi today.

The new development by Prince Place Inc. will consist of 24 rental units, 12 of which will receive rent supplement funding from the provincial government.

“Investments in affordable housing are crucial to moving New Brunswick forward,” said Transportation and Infrastructure Minister Bill Fraser. “Projects such as this are key examples of how our governments can work together to improve the quality of life for New Brunswickers.”

Fraser spoke on behalf of Families and Children Minister Stephen Horsman.

The development is receiving more than $1.3 million in rent supplements from the provincial government over a 20-year agreement. Funding for the development was made available through the Investment in Affordable Housing Agreement.

“Through investments in affordable housing, our government is providing assistance to those who need it most here in New Brunswick and in all corners of the country,” said Miramichi-Grand Lake MP Pat Finnagan. “We are committed to making communities stronger through projects like these.”

Finnagan attended for federal Families, Children and Social Development Minister Jean-Yves Duclos, who is also minister responsible for the Canada Mortgage and Housing Corporation.

The funding comes from the $56 million housing agreement signed last year between the federal and provincial governments.