P.E.I. government offers money to developers for affordable housing projects
24 new units to be built in western P.E.I.
The P.E.I. government has announced more affordable housing projects for the province.
It is investing $540,000 through its housing action plan for the private development of three affordable housing projects for seniors and families in O'Leary and Alberton, according to a news release.
G.E.M. Apartments Ltd. will construct 12 affordable apartment units in Alberton — eight for seniors and four for families — with $270,000 from the province.
JC HandyMan Sales & Service Inc. will construct six affordable apartment units for families in O'Leary with $135,000 from the province.
EZL will construct six affordable apartment units for seniors in O'Leary with $135,000 from the province.
The money will be used as construction and operating grants for the developers as incentives to create the affordable units.
At the government announcement Friday in O'Leary, developer Stuart MacDonald said the affordable units are desperately needed in the town.
"We field calls from people all the time wondering if there's any vacancies, and we haven't had a vacancy at any of our properties in about seven years and any other landlords in the area can tell you the same thing," MacDonald said.
"There's no vacancies in the town of O'Leary that I know of today."
The mayors of both Alberton and O'Leary say they have the same worry — that people will leave their communities because of a lack of housing.
"We want to keep them here, if they can't afford low-income housing here, they are going to move to Summerside or wherever they can find a spot and we don't want that," said Alberton Mayor David Gordon.
Annual operating grant
The province will also offer a 20-year affordable housing agreement and an annual operating grant to ensure the rent remains no greater than 25 per cent of a tenant's income.
Friday's housing announcement is the third this week by the government. On Wednesday, the province announced it was contributing $625,000 toward 25 new Habitat for Humanity homes.
On Thursday, it announced $414,000 for the private development of nine new affordable units for seniors and families in Summerside.
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With files from Jessica Doria-Brown