May 25, 2023 – Canada Mortgage and Housing Corporation: Bobby Morrissey, Member of Parliament for Egmont, on behalf of Ahmed Hussen, Minister of Housing and Diversity and Inclusion; Rob Lantz, Minister of Housing, Land and Communities and Dan Kutcher, Mayor of Summerside, announced $5 million in funding for Summerside, one of the 41 recipients of the third round of the Rapid Housing Initiative’s (RHI) city stream.
This investment is set to help create at least 24 new units.
As part of its Investment Plan for the Major Cities Stream, the City of Summerside contributed the required lands and submitted one project for a total of approximately of 24 units of affordable housing. The proposal includes:
- BGC Prince County’s Affordable Housing Initiative, a project that will provide at least 24 units of housing for women and children at risk of homelessness
The Government of P.E.I is providing a 20-year forgivable loan in the amount of $2,000,000 to support construction and a 20-year annual operating grant of $75,000 to support operational costs when the units open.
This is made possible by the Government of Canada’s additional investment of $1.5 billion through RHI, bringing the program’s total to $4 billion to support the country’s most vulnerable. This investment is expected to create at least 4,500 more affordable housing units for Canadians in severe housing need across the country, with 25% of investments going towards women-focused housing projects.
Read the full news release here