The Honourable John G. Abbott, Minister of Housing and Minister of Mental Health and Addictions, today announced the final approval of 11 projects under the Rental Housing Development Loan Program. These projects will support the development of over 450 new purpose-built residential rental units.
The Government of Newfoundland and Labrador has approved loans of more than $41 million for the program. Eligible projects were approved through the Innovation and Business Investment Corporation, a Crown corporation supported by the Department of Industry, Energy and Technology.
There were 45 expression of interest applications received from all regions of the province through Phase I of the program. There were 16 invitations to apply to Phase II with 11 proposals being recommended in Phase III. These 11 projects have now received and signed financing agreements, designating final approval.
Further information on the successful applicants and approved projects can be found below.
The Government of Newfoundland and Labrador’s Rental Housing Development Loan Program offers low-interest loan financing to qualified property developers for the construction of new rental housing. The aim of the program is to help increase the availability of housing as quickly as possible by incentivizing the construction of new units. Further information can be found on the website.
The Rental Housing Development Loan Program is part of the Provincial Government’s Five-Point Housing Plan, which aims to stimulate community and private sector development of affordable and market housing. More information on this plan can be found on Newfoundland and Labrador Housing’s website.
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“The Rental Housing Development Loan program is helping to stimulate the creation of new market-rentals in the province, an area of significant demand. Together with other initiatives under the Five-Point Plan, as well as separate initiatives like the Affordable Rental Housing Program and the announced construction of new provincially owned homes, we are addressing need across the entire housing continuum.”
Honourable John G. Abbott
Minister of Housing and Minister of Mental Health and Addictions
BACKGROUNDER
Rental Housing Development Loan Program
| Project | Location | Number of Units | Loan Funding | Targeted Completion Year |
| St. Anthony Basin Resources Inc. | St. Anthony | 10 units | $1,150,000 | 2025 |
| Cherry Lane Construction Inc. O/A New Victorian Homes (Project 1) | St. John’s | 4 units | $760,000 | 2025 |
| Cherry Lane Construction Inc. O/A New Victorian Homes (Project 2) | St. John’s | 4 units | $760,000 | 2025 |
| Yellow Fox Properties Inc. | Gander | 4 units | $628,000 | 2025 |
| Pavy Holdings Inc. | CBS | 10 units | $2,088,000 | 2025 |
| Meadowbrook Cottages Ltd. | Reidville | 4 units | $450,000 | 2025 |
| Reardon Properties Inc. | St. John’s | 20 units | $3,445,000 | 2026 |
| JEST Construction Inc. | Channel-Port Aux Basques | 16 units | $2,209,279 | 2026 |
| KMK Capital Holdings ULC | St. John’s | 72 units | $10,000,000 | 2026-27 |
| Long Harbour Holdings Inc. | St. John’s | 107 units | $10,000,000 | 2026-27 |
| Clovelly Development Limited Partnership | St. John’s | 210 units | $10,000,000 | 2027-28 |