Ottawa giving $13.8 million loan for P.E.I. housing project

A 60-unit apartment building already under construction is being helped with nearly$14 million in a low-cost construction loan to create more housing on Prince Edward Island.

Theapartment at 5 Towers Rd.,just behind the Charlottetown Mall, will become part of the Geneva View apartments.

Of the 60 units, 12 will be one-bedroom apartments and 48 will be two bedroom.

The units offer anywhere from 800 square feet to 1,400 square feet, saidWayne Carew, business consultant for Geneva Place Inc.,addingsome units will have "year-round sun room balconies."

All of the units in the building will have annual rents that are "wellbelow" 30 per cent of the median household income in the area and at least six will meet municipal standards for being accessible units, according to a government news release.

According to Statistics Canada, the median total income for all families in the Charlottetown area was $83,290 in 2018.

The money comes from the government of Canada's rental construction financing initiative a program through the Canada Mortgage and Housing Corporation, which supports the construction of rental housing.

"We're proud partners of this project because we simply believe that every Canadian deserves an opportunity to succeed," said Ahmed Hussen, minister of families, children and social development.

"These projects are putting the needs of Canadians first while stimulating the local economy and creating good middle class jobs when they're needed the most."

The affordable rent levels for at least 23 units will be maintained for a minimum of 11 years from the date of first occupancy, the release said.

"The lack of available, affordable housing is more acute in Charlottetown than almost anywhere else in Canada," said Charlottetown MP Sean Casey.

"This is absolutely huge for our community. The single biggest challenge facing Prince Edward Island and certainly the city of Charlottetown is the very very low vacancy rate and affordable housing."

Constructionon the apartment began in December of 2019. The project is expected to be complete by June.

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