Release of 2024 Newfoundland and Labrador Budget

Newfoundland and Labrador’s Finance Minister Siobhan Coady delivered the province’s 2024 budget today. The budget includes funding to create 6,000 more spaces at $10-a-day child-care centres by 2026, $36 million set aside for 100 homes in Corner Brook, central Newfoundland, and Labrador West, and more than $2 million to crisis and harm reduction teams across the province. The 2024 budget also includes almost $90 million just for residents over age 65, including a “well-being plan,” aging centres in hospitals, more money for stroke and dementia programs, and a 15 percent increase to the seniors’ benefit.

Other highlights of the 2024 Budget include:

  • $50 million for the Rental Housing Development Loan Program.
  • More than $36 million over four years to build over 100 new provincial-housing homes in Corner Brook, Central Newfoundland and Labrador West.
  • $21 million in cost-shared funding to support individuals and families with rental assistance in the private market.
  • $12 million over four years to repair and modernize provincial housing in Nain, Hopedale, and Makkovik.
  • Over $13 million for the Transitional Supportive Living Initiative in St. John’s, responding to a gap in transitional spaces for those experiencing homelessness with 140 rooms and wrap-around supports.
  • More than $30 million over three years for the construction of the Happy Valley-Goose Bay Hub, which will provide integrated health, housing, and other supports and services to individuals experiencing homelessness.
  • An $8 million increase to the repairs, maintenance, and renovations budget for provincial housing to ensure existing affordable homes are maintained and available.
  • $4 million to continue the Secondary and Basement Suite Program, providing homeowners with a forgivable loan of up to $40,000 to create an affordable home within their home.
  • More than $3 million for the new HST rebate on new residential rental properties.
  • $225,000 to continue the First-Time Homebuyers Program, which provides a low-interest loan to lower-to-moderate income families for the required down payment when buying their first home.

See the new budget for yourself on the government’s website:

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