The province is providing $75 million to accelerate the construction of nearly 400 new housing units across the Island. The original budget was $65 million but demand has risen.
Twenty developers will access a preferential ten year, 2% interest rate for the construction of 280 units in urban areas in Charlottetown, Cornwall, Stratford and Summerside. There will be 113 units built in rural areas. That will give a grand total of 393 new units.
Since launching the Housing Challenge Fund in 2022, the province has invested $122.7 million to accelerate construction of 613 new units and 45 subdivisions across PEI.
Housing Minister Rob Lantz says solutions are needed to promote and support new housing developments in many communities. He says the new projects will improve the Island’s vacancy rate.
