New Programs Support Housing Development Costs in PEI
June 21, 2024
Over $25 million in new financial support programs will help build the infrastructure needed for approximately 700 new construction-ready residential lots.
The Municipal Infrastructure Fund administered through the Federation of PEI Municipalities will provide a non-repayable grant, up to a maximum of $300,000, to developers creating lots and subdivisions within municipalities in rural PEI with central services (water and/or sewer). The funding will support the extension of existing municipal central water and wastewatersystems, public roads and sidewalks so that more land within the municipality is available for housing.
Developers creating two to five lots can receive $10,000 per lot, while those developing six to 10 lots can receive $12,000 per lot and those creating 11-20 lots can receive $15,000 per lot.
Developments approved for the Municipal Infrastructure Fund may also receive financing support through the Subdivision Development Financing Program. Qualified developers and landowners are eligible for financing at a rate of 2% for a term of five years, covering up to 90% of the costs associated with developing and subdividing vacant land into individual residential lots. This includes professional fees for surveying and subdividing land and costs associated with infrastructure construction.
Additionally, the Government of Prince Edward Island is launching the Building Acceleration Grant to assist with road infrastructure for pre-existing lots already approved for development. Developers or landowners can receive up to 50% of the total cost of a development, to a maximum of $25,000 per lot.
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