Province invests 50 million into Housing Development Challenge pilot program
The Province is launching a new pilot program with that offers 2% financing along with property tax rebates for the construction of new rental housing.
The Housing Development Challenge Pilot Program will support private developers, non-profits, and community-based service organizations in creating new rental housing by financing the construction of new housing facilities and/or infrastructure development of subdivisions in rural areas.
“After speaking to many landlords and property developers, we know that financing, property taxes, increased insurance costs and the cost of heating rental units have been challenges for property owners to provide and maintain rental housing in PEI. Through the Housing Development Challenge pilot, we are offering support in some of the key areas that landlords are requesting help with – in an effort to create more rental units in urban and rural areas of the Island.”
- Social Development and Housing Minister Matthew MacKay
The pilot program will see an investment of $50M available in term financing with $20M being allocated for projects outside the Charlottetown, Cornwall, Stratford and Summerside area and $30M for projects in the urban areas. Applications will be assessed on location, time frame to start and complete construction, energy efficiency, leasing/rental structure, design features and previous development success.
Applications for the pilot program will be accepted for one year or until the fund amount has been fully allocated. Applications will be evaluated as they are received on a first-come-first-service basis and will open on December 8, 2022.
Senior Communications Officer
Social Development and Housing