Affordable Housing Development Program
The Prince Edward Island Housing Corporation can provide a forgivable loan of up to $55,000 per unit to support construction costs in exchange for maintaining rental rates at an affordable level.
- PEI Housing Corporation
Overview of the Affordable Housing Development Program program:
The Affordable Housing Development Program offered by the Government of Prince Edward Island is designed to increase the availability of affordable housing across the province. This program provides financial assistance to developers, non-profit organizations, and community groups to build, renovate, or convert properties into affordable housing units for Islanders.
Eligibility criteria of the Affordable Housing Development Program program:
- New builds or buildings currently under construction are eligible as long as they add new affordable units to the market. Projects must be a minimum of four units, contribute to increasing accessible units to 20 per cent of government-supported units and be Net Zero Ready. The loan forgiveness period will range from 10 to 25 years.
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