P.E.I. government opens $50 million fund to incentivize new housing development

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CHARLOTTETOWN, P.E.I. — The P.E.I. authorities has earmarked $50 million to fast-track new housing developments throughout the Island.

The funding provides neighborhood and not-for-profit organizations and personal builders monetary assist to construct new rental properties.

Qualifying builders can entry a 10-year two per cent rate of interest over 25 years and property tax rebates.

The province is allocating $20 million of the funding towards rural housing tasks. The remaining $30 million will go towards developments within the Charlottetown, Cornwall, Stratford and Summerside areas.

Functions can be assessed on property design options, together with accessibility, location and development timelines, amongst different standards.

“We have to work collectively, and work rapidly, to get new housing developments off the bottom to handle our emptiness price and create extra housing choices for residents,” mentioned provincial Housing Minister Rob Lantz.

“We are going to proceed to have a look at methods we will add to our housing stock — from emergency shelters and supportive housing to reasonably priced housing, market items and residential possession — so that each Islander has a spot to name residence.”

Builders can study extra online and submit their utility to Finance P.E.I. by Sept. 29.