Rental Housing Development Loan Program

The Government of Newfoundland and Labrador has launched a new Rental Housing Development Loan Program (“the Program”) that will offer low-interest loan financing to qualified property developers to encourage the construction of new rental housing.

The Program is designed to assist developers, contractors, and commercial property owners undertaking new purpose-built residential rental development projects in Newfoundland and Labrador. In so doing, the Program seeks to increase the availability of housing in Newfoundland and Labrador by incentivizing the construction of new units in the province.

The province is committing up to $50 million to the Program through the Innovation and Business Investment Corporation, and delivered by the Department of Industry, Energy and Technology (IET) on behalf of the Corporation. 

 

Application Process

The initial application process has concluded. Phase I successful applicants have been notified on March 15, 2024, and Phase II applications with proposals are due on May 2, 2024.

Where can I find more information?

If you have further questions, please send an e-mail to RHDLP@gov.nl.ca .