Moncton-Riverview-Dieppe MP Ginette Petitpas Taylor announced a $3.4 million investment for the Rising Tide affordable housing project at Moncton City Hall on Friday.
The federal funding will come from the rapid housing initiative and was presented on behalf of Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation.
Rising Tide set out to create 125 affordable housing units in the Moncton region.
The increase in funding will now require Rising Tide to surpass their goals on an expedited basis.
“The model was calling for 25 units in the first year, but now with this injection of federal funding, we’re required to get to 62 units,” says Dale Hicks, co-founder of Rising Tide.
Not only does the announcement impact the immediate future of the initiative, but Hicks estimates that the project could create over 160 affordable housing units over the next three years.
Hicks likened the process of receiving funding from three levels of government to winning one of the most prestigious awards in sports.
“I think it’s like thoroughbred racing and the triple crown…It’s hard to win the Triple Crown of racing, and sometimes it’s hard to get three levels of government behind a project,” says Hicks.
A financial commitment of $6 million has already been made by both the City of Moncton and the New Brunswick government.
With funding achieved, Rising Tide continues to search for suitable properties in a surging Moncton market.
“It’s challenging in this environment because of the hot real estate market and the rising costs of construction material,”
As of right now, Hicks says they are in the negotiation phase for at least three properties and hope to have them filled by late spring or early summer.
