New investments through the Housing Action Plan
Today the province announced more affordable housing initiatives, including new construction projects in Cornwall, Charlottetown and Souris.
These latest initiatives continue to reflect the action items and priorities of the Housing Action Plan, ensuring that all Islanders have access to safe, accessible, and affordable housing.
“Government, in collaboration with our partners, is building momentum and addressing affordable housing needs. I am pleased to announce these housing initiatives that will help to relieve pressures for low income Islanders,” said Finance Minister Heath MacDonald. “With spring construction season right around the corner the hard work and innovative partnerships we’ve fostered over the fall and winter is showing results.”
Summary of Investments
$1.3 million investment with DL McQuaid Holdings Inc. (DLM) to construct 30 affordable senior units in Cornwall, consisting of both a construction grant and annual operating grant for 25 years.
- In addition to this, the province will offer a 25-year affordable housing and rent supplement agreement to ensure that these units will remain affordable for tenants. The province also expects the building to exceed national standards for energy efficiency.
The province will build two new government-owned social housing buildings, consisting of 20 affordable seniors units (minimum) in Charlottetown and 10 affordable mixed units (seniors and families) in Souris.
- These projects will be funded as part of a $12 million capital investment committed to in November 2018.
The PEI government has invested $2 million in new rent supplements over the last 8 months. Housing Services has issued 450 new rent supplements, which makes a total of 707 rent supplements distributed across Prince Edward Island.
Recognizing the pressing need, the province increased the effort to make affordable rent arrangements for Islanders qualified on the province’s Housing Registry. Many of those who were helped had rental unity that met their needs but were not affordable for lower income budget.
“Housing remains a priority for this government,” said Minister MacDonald. “The provincial economy continues to thrive and with that success we are investing in the areas that mean the most to Islanders.”
The initiatives announced today reflect the action items and priorities of the provincial Housing Action Plan.
About PEI’s Housing Action Plan
1,200 new affordable units are being created across PEI over the next two 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