SUMMERSIDE, PEI, June 21, 2024 /CNW/ - The federal government has signed renewed agreements for the Canada Community-Building Fund (CCBF) with New Brunswick and Prince Edward Island. For the first phase of the 10-year deal, municipalities in the two provinces will receive more than $349.3 million over the next five years.

This deal will help the communities address their infrastructure needs, plan ahead, and back projects that support new homes in the growing provinces.

The federal government is investing $26.7 billion over the next ten years to renew CCBF deals and fund infrastructure projects – especially ones that will aid the construction of new homes across the country.

"Investments in infrastructure are essential in supporting affordable and inclusive communities for all Canadians. We are proud to announce these deals that will provide municipalities across New Brunswick and Prince Edward Island the flexibility to invest in their local needs."

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

"This money will allow our government to make meaningful investments that make life better for New Brunswickers. New Brunswick is stronger than ever. Whether it's housing, roads or fire stations, these are funds that allow us to keep building."

The Honourable Blaine Higgs, Premier of New Brunswick

"In PEI, this funding will support our communities to build and revitalize essential infrastructure, including infrastructure to enable housing development. This funding from the Government of Canada will also support economic growth, community well-being, job creation and resiliency to the impacts of climate change and natural disasters."

The Honourable Dennis King, Premier of Prince Edward Island

• Over the first five years of the agreement, New Brunswick and Prince Edward Island will receive respectively:
  • New Brunswick: $254.8 million
  • Prince Edward Island: $94.5 million
• 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.
• Between 2014-2024, the CCBF invested more than $2.4 billion a year through 19 different project categories to over 3600 communities across the country, such as public transit, water infrastructure, solid waste management, highways, roads, and bridges.
• The renewed CCBF ties access to funding to actions by provinces, territories, and municipalities to increase Canada's housing supply.

The Canada Community-Building Fund
https://www.infrastructure.gc.ca/plan/gtf-fte-eng.html

Canada Community-Building Fund in New Brunswick
https://www.infrastructure.gc.ca/ccbf-fdcc/pt/nb-eng.html

Canada Community-Building Fund in Prince Edward Island
https://www.infrastructure.gc.ca/ccbf-fdcc/pt/pe-eng.html

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SOURCE Infrastructure Canada