Federal Government announces over $19 million for new rental homes in Prince Edward Island

Charlottetown, Prince Edward Island, November 17, 2023

Today, the federal government announced over $19 million to build 70 purpose-built rental homes in Charlottetown. The funding will come as fully repayable low-interest loans through 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 project consists of two 35-unit residential buildings, each containing 32 two-bedroom units and 3 bachelor units. It was completed on July 18, 2023 and is already providing homes to Charlottetown residents. The pet-friendly, accessible, and affordable homes are in a great location close to public transit, jobs, and schools with outdoor amenities such as a fenced dog park playground, and community gazebo.

Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Quotes:

We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“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.”
— Sean Casey, Member of Parliament for Charlottetown

Quick facts:

Funding details for the project include:

$19,080,000 through RCFi
$400,000 through a PEI Provincial Grant
$3,642 in municipal waivers from the City of Charlottetown
$681,358 in land equity from 102298 PEI Inc.
The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.

Additional information:

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

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, visit: www.placetocallhome.ca.

Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.