November 30, 2022 – Government of PEI: The Government of Prince Edward Island is announcing a new funding program to support the development of housing across PEI.
The Residential Unit Development Incentive (RUDI) for Multi-Unit Residential Buildings provides financial support to encourage the development of newly constructed rental units by providing a diminishing property tax rebate for up to five (5) years. Through this initiative, eligible developers will receive the following tax rebates for their respective build:
- 100% rebate on provincial property tax in year 1
- 80% rebate on provincial property tax in year 2
- 60% rebate on provincial property tax in year 3
- 40% rebate on provincial property tax in year 4
- 20% rebate on provincial property tax in year 5
“Inflationary pressures and supply chain issues have made it very difficult for developers to efficiently build residential units across PEI,” says Finance Minister Mark McLane. “Private developers provide an essential service in our Island’s housing market and are valued partners in addressing our housing supply across PEI. As a province, we know that we must provide whatever support we can to continue to encourage and entice building during times of need.”
Read the full news release here