February 23, 2023 – Government of PEI: A total of 48.7 million dollars in market rental housing and subdivision developments will be built for Islanders through the Housing Development Challenge program.
The provincial government launched the program last November to create more housing across Prince Edward Island. Finance PEI offered loans at a 2 per cent interest rate for a 10-year term over 25 years.
“Collaborative initiatives are what’s needed to build more units, increase the vacancy rate and create more attainable housing for Islanders,” says Social Development and Housing Minister Matthew MacKay. “This fund provides resources to developers to help bring about more housing for people from east to west.”
“We’re focused on doing everything we can to help create more housing in both rural and urban areas of Prince Edward Island,” said Minister of Economic Growth, Tourism and Culture Bloyce Thompson. “We know we need to work together and quickly.
“These projects will help us work towards our goal of ensuring all Islanders have a place to call home.”
Read the full news release here