Province makes enhancements to the Affordable Housing Development Program
More Islanders will have access to affordable housing as the province makes improvements to the Affordable Housing Development Program.
Units supported through the Affordable Housing Development Program will create additional family and/or senior social housing across the province.
Changes in program criteria include increasing the loan amount available for developers, which include:
- 1-2 bedroom units now eligible for between $45,000 - $50,000, based on size; and
- 3-4 bedroom units will be eligible for up to $55,000 based on size.
Additional changes include lowering the minimum loan forgiveness period to 10 years to better align with terms from other financing providers and including maximum allowable rents based on unit size. All units created through the affordable housing development program will be net zero ready.
“We recognize the recent increase in construction costs and the ongoing need for affordable housing. The department has been actively listening to the feedback from Islanders in need of housing and developers experiencing increasing pressures and costs. Changes to this program will allow more affordable units, with more bedrooms, to be created for families, individuals, and seniors across PEI.”
- Social Development and Housing Minister Brad Trivers
"The Affordable Housing Development Program has been instrumental in the success of our eight-unit townhome project in Souris,” said Justin MacKenzie, co-owner of Heartwood Properties. “It was our vision to help provide seniors safe, secure, accessible, and affordable homes within their community, and we could never have accomplished this without the assistance of this program.”
Since June 2019, the Province has opened a combined 311 social housing units for families and seniors. There are another 144 in progress. Since 2018, the province has provided 1,150 mobile rental vouchers, which is a rental subsidy that can move from unit to unit. Social housing units and mobile rental vouchers provide the opportunity for eligible Islanders to pay 25% of their income for rent.
For individuals looking for assistance with finding affordable housing, including applying for a social housing or a mobile rental voucher, visit Housing Assistance or email firstname.lastname@example.org or call 1-877-368-5770.
Senior Communications Officer
Department of Social Development and Housing