Federal government transfers more than $16 million through the Canada Community-Building Fund to Newfoundland and Labrador

ST. JOHN'S, NL, Oct. 2, 2024 /CNW/ - The federal government has transferred more than $16 million to Newfoundland and Labrador under the Canada Community-Building Fund (CCBF) for the first payment of the 2024-2025 fiscal year. This will help communities across the province invest in their local infrastructure priorities.

This is the first of two payments to Newfoundland and Labrador for this fiscal year. The next payment is expected to be made prior to the end of the fiscal year.

This is the first transfer through the recently renewed CCBF agreement with the province. This agreement runs from 2024-2034, and under it Newfoundland and Labrador will receive more than $168.7 million over the next five years, including more than $32.1 million this fiscal year.

CCBF provides communities with predictable and flexible funding across 19 different project categories, including drinking water, wastewater, public transit, and community energy systems, and helps them develop the required infrastructure for future housing developments.

Quotes

"Investments in infrastructure are essential in building more affordable, inclusive, and stronger communities for all Canadians. With this payment through the Canada Community-Building Fund, communities in Newfoundland and Labrador will be able to invest in infrastructure projects that meet the needs of their residents today, and ones that support more housing supply for the future."

The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"The Canada Community-Building Fund Agreement is a stable and predictable source of infrastructure funding to further assist the Government of Newfoundland and Labrador in building vibrant and more sustainable communities. Infrastructure investments, including investments that support an increase in the availability of affordable housing, are essential to support our communities where Newfoundlanders and Labradorians live, work and raise their families."

The Honourable Dr. John Haggie, Newfoundland and Labrador Minister of Municipal and Provincial Affairs

Quick facts

• The federal government is renewing the Canada Community-Building Fund (CCBF) and is investing $26.7 billion over the next ten years (2024-2034) to support core infrastructure projects.
• The federal government has transferred $16,072,141.50 to the Government of Newfoundland and Labrador for the first payment of the 2024-2025 fiscal year.
• Newfoundland and Labrador will receive more than $168.7 million from the CCBF over the next five years, including more than $32.1 million for the 2024-2025 fiscal year.
• After the first five years, funding levels will be reassessed to reflect the 2026 Census.
• Since 2015, the Government of Canada has invested $24.2 billion across Canada through CCBF, including more than $353.9 million in Newfoundland and Labrador communities.
• The CCBF is a permanent, indexed source of funding provided up front, twice a year, to provinces and territories, who in turn flow this funding to local governments and other entities to support local infrastructure priorities.

Associated links

The Canada Community-Building Fund

Canada Community-Building Fund in Newfoundland and Labrador

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SOURCE Department of Housing, Infrastructure and Communities

Contacts: For more information (media only), please contact: Sofia Ouslis, Communications Advisor, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Housing, Infrastructure and Communities Canada, 613-960-9251, Toll free: 1-877-250-7154, Email: [email protected]