Three rent-to-own units, help increase North End ownership

Acronym wizards must have been hard at work when planning the ONE HOME initiative. Spelled out the name says it all: Old North End Home Ownership Made Easy.

The One Home project was just announced to be the recipient of $90,000 of federal money, and $39,366 in provincial rent supplements. This money wasn't awarded for a name though. The funding was awarded to the project because it helps address the housing needs of Saint John. The three-unit complex, which will be located at 51-55 Metcalf Street in the North End, is designed to offer three "modest income" families the opportunity to purchase their homes from the developer (Rehabitat Inc.) through rent payments. This opens up financing opportunities to families that might be unable to receive a reasonable conventional mortgage.

On top of being a great way to encourage ownership - of both home and community - in the North End, the development is also being built to "high energy-efficiency standards," meaning that heating and electricity costs should be lower, making the homes even more affordable.