P.E.I. offers more than $25M for program to build residential lots
Pictured: MLA Matthew MacKay, Mayor Rowan Caseley, Honourable Diane Griffin, Minister Gilles Arsenault, Minister Rob Lantz, Bruce MacDougall and John Dewey. (Source: Prince Edward Island)
The Prince Edward Island government is offering more than $25 million to help build roughly 700 construction-ready residential lots.
According to a news release from the province, the Municipal Infrastructure Fund will provide non-repayable grants up to a maximum of $300,000 to developers building lots and subdivisions in rural P.E.I. with water and/or sewer.
“To meet the goals of our provincial housing strategy, we need a variety of housing options – from single family homes to high density apartments,” said Rob Lantz, minister of housing, land and communities, in the release. “The high costs of borrowing and servicing lots have sidelined many potential housing developments or have made the price of home ownership too high. By removing the burden of these additional financial costs to development, more attainable housing options will be created that meet the needs of current and future residents and support the continued strength of our communities.”
The province is also launching the Building Acceleration Grant, which will allow developers or landowners to receive up to 50 per cent of the total cost of a development of road infrastructure for pre-existing lots for a maximum of $25,000 per lot.
“The financial supports being offered are important investments not just into our economy through job creation, but they are also direct investments into supporting our residents across the Island,” said Gilles Arsenault, minister of economic development, innovation and trade.
For more Prince Edward Island news visit our dedicated provincial page.
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