09/02/2016 10:16 EDT | Updated 09/03/2017 01:12 EDT

Federal funds to reduce waiting list for affordable housing in New Brunswick

SAINT JOHN, N.B. — The federal and New Brunswick governments are set to spend another $56 million on affordable housing in the province.

Jean-Yves Duclos, the federal minister for families, children and social development, and Premier Brian Gallant made the announcement in Saint John on Friday.

The funding includes the doubling of current funding under the Investment in Affordable Housing initiative, support for affordable housing for seniors and victims of family violence, and repairs of existing social housing.

The federal government is spending $40.2 million under the new deal, while the province's share is $16.4 million.

There are currently thousands of New Brunswickers on the waiting list for affordable housing, and the new program is expected to help 300 to 400 of those.

The money is in addition to a five-year, $78-million agreement announced two years ago.

Under that agreement, the funds were to be used to increase the supply of affordable housing through new construction, renovations, and rental subsidies.