Today’s housing strategy included an element that has seen success in other provinces.
A so-called ‘rent bank’ is intended to provide short term loan to help renters with upfront costs and those who are falling behind on payments.
The province is also upping the amount of money and reliance on non-profit organizations.
Government says the creation of a rent bank, a model which has been used in other provinces, will provide direct financial assistance to tenants to support people who are struggling.
"I'm really impressed,” said Peter Corbyn, housing consultant with the N.B. Housing Association.
“I'm pleased with the overall strategy, I'm pleased that they listen to stakeholders, and from a not for profit housing perspective” Corbyn said.
“I'm pleased with their announcement to increase working capital for not for profits,” he said.
The New Brunswick Housing Corporation, earmarked money for Habitat for Humanity, providing $70,000 per unit for up to ten new homes per year.
"This is quite honestly going to be a game changer for us,” said Perry Kendall, CEO of Habitat for Humanity N.B.
“Allowing us to build far more homes in the province than we ever have before and help many families that desperately need affordable housing, and affordable home ownership,” Kendall said.
Government says the Housing for All strategy lays out a 10 year pathway intended to build a foundation to meet the province’s housing needs.
“When the program rolls out we expect the biggest impact will be in 2024 and beyond,” Kendall said.
“We going to see our numbers coming close to doubling over the next few years,” he said.
Whether the government's housing strategy will end the province's housing crisis remains to be seen, but the province does have a goal in mind.
They hope to decrease the number of households in need of subsidized housing to 7,500 by 2026 from the current waiting list of more than 11,000.
"I am very confident this will happen because frankly, we don't have a choice,” Corbyn said.
The province has also set a target of no more than 15 per cent of New Brunswick households spending more than 30 per cent of income on shelter costs.
