Supports for landlords
Various programs exist to incentivize the construction of market rental units, which also supports available units across the housing continuum.
Below is a list of programs eligible developers, non-profits, and community service organizations are encouraged to apply to.
Existing programs that support rental housing
- The Affordable Housing Development Program is open to non-profit corporations, private entrepreneurs, development corporations, housing cooperatives, or municipalities. The program will provide forgivable loans of up to $55,000 per unit to increase the number of affordable housing options in the province.
- The Multi-Unit Residential Loan Program provides a financing program for property developers which will assist in the construction of multi-unit residential developments on PEI. A multi-unit development consists of two or more units.
- The Housing Development Challenge Pilot Program is designed to invite developers/contractors/landlords to submit proposals for new residential development projects on PEI including infrastructure. This new loan program is intended to assist approved developers/contractors/landlords increase the housing inventory on PEI.
- The Residential Unit Development Incentive (RUDI) for multi-unit residential buildings announced by the Province of PEI will provide financial support to encourage the development of newly constructed rental units by providing a diminishing property tax rebate for a period up to five (5) years.
- The Community Housing Fund is a collaboration between the Canadian Mental Health Association, PEI Division (CMHA-PEI) and the Province of Prince Edward Island to support housing developments whether they are targeting affordability, vulnerable populations, assisted living, or those that require increased support. Funding under this program can be used to provide additional resources and support to develop solutions to PEI’s housing shortage.
New programs that support developers and rental property owners
The Government of PEI implemented a rental freeze for 2023 to offer financial relief to renters during a period of increased cost of living.
The following programs are newly implemented pilot programs to support rental property owners with increased costs.
- The 2023 Residential Rental Property Tax Subsidy will provide financial support to rental properties based on tax-assessed value of the property. Unheated, electric heated and oil heated rental units are eligible for subsidies.
- The Multi-Unit Residential Buildings Rebate Program through efficiencyPEI will support rental properties to become more energy efficient through greater access and increased amounts of rebate options.
- The Rental Property Heating Program will offer lending options to property owners to convert oil heating systems to energy efficient options at zero percent for the borrower.
Applications for all programs will open on Friday, January 13, 2023. Property owners must submit applications to each program separately, and each property separately, if applying for supports for more than one rental property.