Affordable Housing Development Program (PEI)
“Prince Edward Island”
$55,000.00
Maximum Eligible Amount
Repayable Contribution, Government Grant
Fund Type
The Affordable Housing Development Program (AHDP) supports the construction of affordable residential units to increase the availability of rental units for those in core housing need. Assistance is provided to private businesses, non-profit corporations, municipalities, development corporations or housing cooperatives who are building affordable housing units in Prince Edward Island.
Program guidelines:
- 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.
- This program supports the construction of new buildings or buildings already under construction. The renovation of an existing building is not eligible. Loan forgiveness period will be negotiated upon approval of the project but will be a minimum of 10 years.
- Forgivable loans for projects led by private developers will be limited to a maximum of 50% of the units in their project. Municipalities, development corporations, non-profits and housing cooperatives may be eligible for forgivable loans for 100% of the units in their project.
- Rents for units not receiving program funding can be set at market rates. Rental rates for all units may be increased during the term of the forgivable loan based on IRAC’s Allowable Rent Increases. Projects must be a minimum of four units.
- 20% of the units receiving a forgivable loan must be designed using accessibility guidelines within the National Building Code (section 3.8).
- Housing developments will be required to meet Net Zero Ready criteria in order to support Government’s goal of reducing Green House Gases (GHGs) as discussed in A Path Towards Net Zero (2040)
The Affordable Housing Development Program (AHDP) supports the construction of affordable residential units to increase the availability of rental units for those in core housing need. Assistance is provided to private businesses, non-profit corporations, municipalities, development corporations or housing cooperatives who are building affordable housing units in Prince Edward Island.
Log in with Google