11/09/2011 11:44 EST | Updated 01/09/2012 05:12 EST

Federal and New Brunswick government promise $47 million for affordable housing

MONCTON, N.B. - The New Brunswick government and Ottawa have signed a multimillion-dollar agreement on affordable housing.

New Brunswick MP Keith Ashfield and Sue Stultz, the provincial minister responsible for housing, announced a joint investment of $47 million today in Moncton.

The money will be used help build new homes, renovate existing affordable housing and deliver related programs.

The announcement was made at Flanders Court Residences, which received $1.2 million for the construction of 10 new affordable housing units.