The Newfoundland and Labrador government introduced a five-point plan today that's aimed at increasing the availability of affordable housing across the province.

The plan's goal is to stimulate private sector development and reduce housing prices, according to the government, and, through the targeted actions, valued at more than $65 million, there will be upwards of 500 new housing options added to the market.

New initiatives include the removal of the GST/HST on new purpose-built rental housing, a low interest financing program, and use of available provincial government-owned land and buildings for construction or conversion for purpose-built rental housing, including modular. Premier Andrew Furey says this will help ease the uncertainty for developers.

Other initiatives include a home ownership assistance program for first-time homebuyers with lower-to-moderate incomes who qualify for a mortgage to access the required down payment to purchase a home. The program will also assist with closing costs of up to $1,500 to match the Federal First-Time Home Buyers’ Tax Credit. Also, a Secondary and Basement Suite Incentive, which will be a pilot project, will provide homeowners with access to a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000 over five years.

Premier Furey says the moves are in addition to the extra $3 million announced today to repair and renovate approximately 143 vacant Newfoundland and Labrador Housing Corporation units and more than 750 new public housing options have been advanced over the last two years.

Listen to the story done by CKVB below, as well as stories on Waste Reduction Week, and the City of Corner Brook's search for janitors: