New investments in housing
Government is making significant investments in new housing initiatives to ensure all Islanders have access to safe, accessible and affordable housing.
“The housing landscape is rapidly changing and we are continuously looking at ways we can find solutions to the challenges,” said Finance Minister Heath MacDonald. “We are making great strides by taking every opportunity to collaborate and engage with all sectors, levels of government and Islanders from across the province.”
New initiatives announced today include:
- More than 175 new affordable housing units – Government will fund the construction of government-owned units across Prince Edward Island and partner with private developers, municipalities and organizations to increase the affordable housing supply;
- New 260–bed residence at UPEI – this new residence will allow UPEI to continue retaining Island students and attracting international students while alleviating pressure on the Charlottetown housing market;
- Finance PEI Loan Fund – Finance PEI will work with developers to provide a new approach for funding affordable, rural, and unique housing options across Prince Edward Island;
- Island Regulatory and Appeals Commission (IRAC) review – Government will ask IRAC to review tenant rights and report back to government on any changes that may be required. IRAC will also begin a public awareness campaign to ensure tenants are aware of the protection provided to them.
- Scan of short-term vacation rentals – Government has initiated a study on short-term rentals, their impact on the housing market and actions other jurisdictions have taken to manage the impact;
- Coordination with municipalities – Government will meet with new councils to determine how municipalities can assist with expanding housing supply;
- Public meetings – this fall public education sessions will inform Islanders about the current housing supports available including programs such as down payment assistance, senior independence, seniors home repair, and rent supplements.
“Our government believes all Islanders should benefit from a strong economy. Our province is in a strong fiscal position and this allows us to accelerate priorities that matter the most to Islanders,” said Minister MacDonald.
The initiatives announced today reflect the action items and priorities of the provincial Housing Action Plan and intent of the Poverty Reduction Action Plan.
“Affordable housing creates strong foundations for individuals and families to be healthy, productive, and successful citizens. These new investments announced today and progress made on existing projects demonstrates the government’s commitment to increasing the availability of affordable housing and tackling poverty. We are a Mighty Island and a caring one, ensuring that all Islanders belong and thrive,” said Family and Human Services Minister Tina Mundy.