Saint John will sponsor an application that would see the former St. Vincent’s High School on Cliff Street converted into a 60-unit residence.
Housing Alternatives Inc. is applying for federal funding through the Canada Mortgage and Housing Corporation’s (CMHC) Rapid Housing Initiative.
The CMHC has offered $1 billion for affordable housing projects across the country that can be built within one year.1
Previously, MP Wayne Long had said he was searching for projects that would fit the funding requirements.
The Waterloo Village-area building is owned by the Catholic Diocese of Saint John. The renovations would lead to at least 30 affordable units, according to a plan presented to council on Monday evening.
City staff estimate the 60 units would add at least $4.5 million to the city’s tax base, and it is believed a second phase of construction could see an additional 30 units in 2021.
