Rental Housing Development Loan Program

The Rental Housing Development Loan Program is a new initiative announced by the Provincial Government of Newfoundland and Labrador. The program is intended to encourage property developers to undertake new purpose-built residential rental development projects. The government will offer low-interest loan financing to qualified developers, with the aim of increasing the availability of affordable housing. The government will commit up to $50 million for the program in eligible loans. The program will be delivered by the Innovation and Business Investment Corporation and administered by the Department of Industry, Energy and Technology. Funds will be awarded through a multi-phased solicited proposal process.