DESCRIPTION
BCPI has secured a building permit to construct of a new 3-storey 19-unit apartment. It will be the 3rd apartment BCPI owns and operates in the community. The new apartment will be located on land BCPI purchased from the Government of New Brunswick in 2024. That land is improved with a 2,136 m2 functionally obsolete former senior complex. BCPI has improved the existing building with a 297 m2 student housing complex and a 431 m2 daycare. BCPI will be converting the remaining vacant space in the existing building into 18 grade related apartments.
DETAILS
Affordability Framework
RGI 30%, rent supplement agreement with GNB for 20-year term. May include GNB capital contribution per unit. Market units at MMR for Miramichi region.
Target Completion Date
October 2027
Populations Served
Seniors
Total Project Cost
8500000
Total Units
37
Affordable Units
17
Project Funding
Funding Required
Tenant Stability
Funds Raised
BCH and Goverment of New Brunswick pending. BCH has accepted proposal and is evaluating.
Use of funds
Seniors moving into market units will be required to pay for hydro as additional rent. BCPI would like to help transition these 20 tenants into this responsibility by offering a $100 monthly hydro voucher. The program would run for 2-years. Our hope is the tenants will find ways to reduce consumption by the time to program expires, and the tenant has to assume this cost.
Human Impact Story
Living in this apartment has had a truly positive impact on my life. Before moving here, I struggled to find a place that was both safe and affordable, especially as a parent trying to provide stability for my son. With the support of the outreach program, this building gave me an opportunity I couldn’t find anywhere else.
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