New program will increase affordable housing options for Islanders
Supporting the development of new affordable housing units across Prince Edward Island will make the current rental market more affordable for Islanders.
The new Affordable Housing Development Program is now accepting applications to support private sector affordable housing units. The program will provide forgivable loans of $45,000 per unit to increase the number of affordable housing options in the province.
“The low vacancy rate and rising cost of rent in Prince Edward Island is making it hard for Islanders to find adequate, suitable and affordable housing to meet their needs. This new program will quickly increase the number of affordable housing units on the market and reduce some of the pressure Islanders are facing.”
- Minister of Social Development and Housing, Ernie Hudson
The Affordable Housing Development Program is open to non-profit corporations, private entrepreneurs and development corporations, housing cooperatives or municipalities. New builds, buildings currently under construction or renovations to existing buildings, as long as those renovations add new affordable units to the market, are eligible. Projects must be a minimum of four units and at least 20 per cent of the units must be accessible. The loan forgiveness period will range from 15 to 25 years.
“Affordable, safe and secure housing is critical for raising healthy children and success in education, jobs, and aging in place,” said Minister Hudson. “Our Island is stronger when we work together. Through successful partnerships we will provide timely access to affordable housing that meets the current and future needs of Islanders.”
Applications for the Affordable Housing Development Program must include information on the proposed property, zoning, evidence of financing, and design work. Additional information including the number of units, location and nearby amenities, intended market, and timeline for completion should also be included. Applications will be evaluated on these considerations as well as community need based on housing registry.
Department of Social Development and Housing
The Housing Action Plan for Prince Edward Island (2018-2023) includes the creation of 1,000 affordable housing units over four years. Progress to date:
- Announced 366 new family and senior units in communities across the province in partnership with community organizations, private developers and federal and municipal governments;
- Announced 260 unit year-round student residence for the University of Prince Edward Island;
- Over 800 rent support agreements in place (550 new this year);
- New investments in rent supports will see 600 new mobile rental vouchers by the end of fiscal year;
- New Community Housing Fund, in partnership with the Canadian Mental Health Association, will support community-led housing projects for vulnerable populations, Islanders in assisted living or those requiring increased support.