PEI Invests Another $50 million to Increase Housing Supply

Georgetown Clean Tech Park PEI

August 23, 2023

Community and not-for-profit organizations, and private developers can build new rental properties with provincial financial assistance.

The Housing Challenge Fund pilot has been renewed to help fast-track new housing stock across the Island. With a 10 year 2 per cent interest rate over 25 years and property tax rebates, the Province is looking to grow housing supply in both urban and rural areas.

“We need to work together, and work quickly, to get new housing developments off the ground to address our vacancy rate and create more housing options for residents.Through the first round of the Housing Challenge Fund, over 250 new units are currently under construction. We will continue to look at ways we can add to our housing inventory – from emergency shelters and supportive housing to affordable housing, market units and home ownership – so that every Islander has a place to call home.”

– PEI Minister of Housing, Land and Communities, Rob Lantz.

The Housing Challenge Fund will allocate $20M of the $50M available to rural housing starts, while the remaining $30M will be earmarked for developments in the Charlottetown, Cornwall, Stratford and Summerside areas.

Projects funded through the Housing Challenge Fund must be new projects, and will be evaluated based on the following:

  • property design features, including accessibility;
  • location;
  • construction timelines;
  • lease, rental or ownership structure;
  • carbon reduction footprint; and,
  • financial capability of the development and the developer or contractor.

“The Province is putting forward very lucrative incentives to help boost housing stock across the Island, and I hope that those in the business are going to take us up on the offer,” said Minister of Economic Development, Innovation and Trade Gilles Arsenault. “It’s through community and private sector partnerships that we will rise to the occasion to meet the infrastructure needs of all our residents, one building at a time.”

Interested applicants can learn more about the Housing Challenge Fund, and submit their application to Finance PEI by September 29, 2023.

Source

Related Articles


Latest Articles


Changing Scene

  • Have your Say on the Proposed Regulations for the NWT Builders’ Lien Act

    Have your Say on the Proposed Regulations for the NWT Builders’ Lien Act

    February 14, 2025 The GNWT is modernizing the legal framework for construction liens. In 2023, the Builders’ Lien Act was enacted to replace the Mechanics Lien Act. The new legislation was put in place to address modern construction practices. It sets out the legal processes, systems, rights, and remedies for parties involved in construction disputes.  The GNWT… Read More…

  • Federal Government Investing in Skilled Trades Training for Atlantic Canada

    Federal Government Investing in Skilled Trades Training for Atlantic Canada

    February 14, 2025 Canada is building more homes, bridges and key infrastructure than at any point in recent history. That requires skilled workers in communities across the country, including in the Atlantic provinces. To encourage more people to join the skilled trades, to build the homes Canadians expect and the resilient economy this moment demands,… Read More…

  • Nova Scotia Power Holding Open Houses to Discuss Modernizing the Electrical Inspections Process

    Nova Scotia Power Holding Open Houses to Discuss Modernizing the Electrical Inspections Process

    February 14, 2025 As Nova Scotia continues to experience unprecedented building growth, it’s the perfect time to review and improve the electrical inspection process—with safety as the top priority. Nova Scotia Power and the Department of Labour, Skills, and Immigration are coming together to explore new opportunities—including risk-based electrical inspections—to ensure the process remains safe,… Read More…

  • Alberta EV Tax Begins February 13th

    Alberta EV Tax Begins February 13th

    February 14, 2025 Starting Thursday, Feb. 13, Albertans will be charged a $200 tax when they register their electric vehicles. This amount is in line with what drivers of a typical internal combustion engine vehicle would be expected to pay each year in fuel tax. The tax will be collected by registry agents, and online… Read More…