The Canada Mortgage and Housing Corporation (CMHC) and the government of Prince Edward Island have announced a financial commitment of over $20.36 million for the construction of 106 new rental housing units in the province.
The funds will be invested in two apartment projects in PEI by developer Pan American Properties – with $11.03 million going to Stratford Place and $9.33 million going to Montague Place.
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Stratford Place is a four-storey apartment building in Stratford that will contain 61 units – 30 of which will be affordable units that will be leased to the PEI Housing Corporation who in turn will lease the units to people on their waitlist on a rent-geared-to-income basis. The remaining 31 units will be rented to the general population at market rates.
Meanwhile, Montague Place is a three-storey apartment building in Montague that will contain 45 units, 30 of which will be affordable units that will be leased to the PEI Housing Corporation for people on their waitlist. The remaining units will be rented to the general population at market rates.
“Through the National Housing Strategy, more Canadian families will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow,” said Ahmed Hussen, the minister responsible for CHMC. “This investment is wonderful news for the Montague and Stratford families that will move into these new affordable rental housing units. Our government is committed to increasing the supply of rental units for Canadians through projects like the ones we are announcing today."”
“We are excited to partner with Canada Mortgage and Housing Corporation (CMHC) and the Province of Prince Edward Island and recognize their financial investments in these affordable housing projects for residents and future residents of Stratford and Three Rivers (Montague),” said Tim Banks, president of Pan American Properties. “These projects will help both communities grow and prosper. We believe these affordable housing projects will play an important contribution to the housing crisis we are facing on Prince Edward Island and we applaud community leaders in Stratford and Three Rivers (Montague) for their encouragement and support to help make these projects a reality. We live here and we're proud of what we build here.”