New affordable housing in Summerside
Today the province announced an investment of $414,000 through the Housing Action Plan to stimulate the private development of nine new affordable units for seniors and families in Summerside.
“This is another great example of the collaborative projects in the works to meet the diverse housing needs of Islanders across the province,” said Finance Minister Heath MacDonald.
“Housing is a priority for this government and by partnering with private developers, all levels of government, landlords, community organizations, and the private sector we are seeing great success and look forward to building on this momentum.”
The province is contributing a construction grant to the developer, Park Place Meadow, as incentive to create these affordable units located on Pope Road. In addition to this amount the province will offer a 12-year operating agreement and a rent supplement agreement to ensure that these units will remain affordable with tenants’ rent, geared towards being no greater than 25 per cent of their income.
“Summerside is no stranger to demands for affordable housing and we are very pleased to be able to partner with the provincial government on these nine new units,” said Kay Rogers, Developer with Park Place Meadow. “The units are centrally located and close to amenities.”
About PEI’s Housing Action Plan: 1,200 new affordable units are being created across PEI over the next 2 years and will expand the existing inventory of 1,600 provincial government-owned affordable units to meet a growing demand for affordable housing for both Island seniors and families. This is in addition to the over 700 rent supplement arrangements the province has with private landlords across the province.
Department of Finance
(902) 368 – 5501