Community and not-for-profit organizations, and private developers can build new rental properties with provincial financial assistance. The province says the Housing Challenge Fund pilot has been renewed to help fast-track new housing stock across the Island. With a 10 year 2 per cent interest rate over 25 years and property tax rebates, the Province is looking to grow housing supply in both urban and rural areas. The Housing Challenge Fund will allocate $20M of the $50M available to rural housing starts, while the remaining $30M will be earmarked for developments in the Charlottetown, Cornwall, Stratford and Summerside areas.
