Federal Government broadcasts over $19 million for brand new rental properties in Prince Edward Island

Today, the federal authorities introduced over $19 million to build 70 purpose-built rental properties in Charlottetown. The funding will come as absolutely repayable low-interest loans by means of the Rental Construction Financing Initiative (RCFi).

The announcement was made by Sean Casey, Member of Parliament for Charlottetown on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.

Located at 54 Sherwood Road, this venture consists of two 35-unit residential buildings, every containing 32 two-bedroom models and three bachelor models. It was accomplished on July 18, 2023 and is already offering properties to Charlottetown residents. The pet-friendly, accessible, and inexpensive properties are in an excellent location near public transit, jobs, and faculties with outside facilities comparable to a fenced canine park playground, and neighborhood gazebo.

Canada’s development of rental properties has not saved tempo with the nation’s rising cities and inhabitants, resulting in a decline within the present and getting old rental inventory for many years. To sort out this situation, the federal authorities launched the RCFi to assist build extra leases throughout the nation. Increasing the general provide of rental housing is essential to creating stronger and extra vibrant communities that Canadians can really feel proud to name home.

Quotes:

We want to spice up housing provide, for this reason we’re making strategic investments, by means of packages just like the Rental Construction Financing Initiative, to build much-needed rental models throughout the nation. All Canadians deserve a secure place to build and reside their lives in, and we are going to guarantee this turns into a actuality.”

“The Government of Canada is committed to working with communities to meet the challenges presented by the housing crisis. Through RCFi, our government is increasing the supply of new rental units by investing $19 million to build a total of 70 units in Charlottetown. These energy efficient and accessible homes will benefit low and middle-income individuals and families, making our communities more inclusive and equitable.” 

Quick details:

Funding particulars for the venture embrace:

• $19,080,000 by means of RCFi
• $400,000 by means of a PEI Provincial Grant
• $3,642 in municipal waivers from the City of Charlottetown
• $681,358 in land fairness from 102298 PEI Inc.
• The Government of Canada’s National Housing Strategy (NHS) is an bold, 10-year plan that can make investments greater than $82 billion to present extra Canadians a place to name home.
• The Rental Construction Financing Initiative (RCFi) offers absolutely repayable low-interest loans to encourage the development of extra purpose-built rental housing for center earnings Canadians. It creates a constructive impression to the housing system at minimal cost to taxpayers.
  • RCFi is considered one of many packages and initiatives below the National Housing Strategy designed to assist tackle housing wants throughout the housing continuum.
  • RCFi enhances different NHS initiatives that target funding inexpensive housing models for lower-income households.
  • Through RCFi, the federal authorities is encouraging the development of greater than 71,000 rental models.
  • A secure provide of purpose-built rental housing is important for extra individuals in Canada to have access to housing that meets their wants.

Additional info:

Visit Canada.ca/housing for probably the most requested Government of Canada housing info.

CMHC contributes to the steadiness of the housing market and monetary system, offers help for Canadians in housing want, and presents unbiased housing analysis and recommendation to all ranges of Canadian authorities, shoppers and the housing trade. CMHC’s purpose is that everybody in Canada has a home they will afford and that meets their wants. For extra info, comply with us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To discover out extra in regards to the National Housing Strategy, go to: www.placetocallhome.ca.

Check out the National Housing Strategy Housing Funding Initiatives Map to see inexpensive housing initiatives which have been developed throughout Canada.

Information on this information launch:

Micaal Ahmed
Office of the Minister of Housing, Infrastructure and Communities
[email protected]

Media Relations
Canada Mortgage and Housing Corporation
[email protected]