Housing Challenge program accelerates development of over 250 new units on Prince Edward Island
A total of 48.7 million dollars in market rental housing and subdivision developments will be built for Islanders through the Housing Development Challenge program.
The provincial government launched the program last November to create more housing across Prince Edward Island. Finance PEI offered loans at a 2 per cent interest rate for a 10-year term over 25 years.
To date, 13 projects have been approved, amounting to 221 units and 45 lots. The projects are:
- Greensview3 Limited Partnership – 15 units – Stratford
- Kreative Rentals – 22 units – Montague
- Anchored Construction Group – 20 units – Montague
- Layton & Martin Graham – 6 units – Tignish
- M&S Rentals. – 18 units – Kensington
- OAS Trailside Developments – 24 units – Charlottetown
- North Shore Investments – 16 units – Morell
- R.E.M. Properties – 24 units – Miscouche
- Z&C Flourish International – 24 units – Charlottetown
- IPAX – 28 units – Summerside
- Arsenault Bros Holdings. – 24 units – Summerside
- MDB Ventures – 20 lots – Montague
- Doyle & Feehan Construction – 25 lots – Pleasant Grove
“Collaborative initiatives are what’s needed to build more units, increase the vacancy rate and create more attainable housing for Islanders. This fund provides resources to developers to help bring about more housing for people from east to west.”
- Social Development and Housing Minister Matthew MacKay
“We’re focused on doing everything we can to help create more housing in both rural and urban areas of Prince Edward Island,” said Minister of Economic Growth, Tourism and Culture Bloyce Thompson. “We know we need to work together and quickly. These projects will help us work towards our goal of ensuring all Islanders have a place to call home.”
With the strong interest in the program, applications will continue to be accepted for future consideration of extending the program to a second round of recipients.
Media contacts:
Rebecca Gass
Department of Social Development and Housing
rjgass@gov.pe.ca
Hillary MacDonald
Department of Economic Growth, Tourism and Culture
hpsmacdonald@gov.pe.ca