November 30, 2022 – Government of PEI: The Province is launching a new pilot program with that offers 2% financing along with property tax rebates for the construction of new rental housing.
The Housing Development Challenge Pilot Program will support private developers, non-profits, and community-based service organizations in creating new rental housing by financing the construction of new housing facilities and/or infrastructure development of subdivisions in rural areas.
“After speaking to many landlords and property developers, we know that financing, property taxes, increased insurance costs and the cost of heating rental units have been challenges for property owners to provide and maintain rental housing in PEI,” says Social Development and Housing Minister Matthew MacKay. “Through the Housing Development Challenge pilot, we are offering support in some of the key areas that landlords are requesting help with – in an effort to create more rental units in urban and rural areas of the Island.”
Read the full news release here