Budget 2023 announced a new, three-year, $70 million Affordable Rental Housing Program to build over 850 new rental homes, which was launched in June.
The provincial government wants to see the removal of federal and provincial tax on new rental housing builds to help alleviate the current housing crisis. Deputy Premier and Finance Minister Siobhan Coady has written to federal Finance Minister Chrystia Freeland and Housing Minister Sean Fraser. This after the federal government announced an enhanced rebate on new rental units. Coady says government is willing to partner in order to ensure new rental units by removing its portion of the Harmonized Sales Tax, which includes federal and provincial taxes. Coady says Newfoundland and Labrador’s share of the GST is ten percent, which wouldn’t be missed. Budget 2023 announced a new, three-year, $70 million Affordable Rental Housing Program to build over 850 new rental homes, which was launched in June.
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