Province announces 175 affordable housing units, new UPEI residence

The P.E.I. government will fund the construction of175 new affordable housing units, the province announced Thursday.

The province says 100 of those units will be built in Charlottetown, while the other 75 will be spread across the Island.

The government-owned units are part of new initiatives the province is rolling out as part of its provincial Housing Action Plan and Poverty Reduction Action Plan.

A new 260-bed residence at UPEIwas also announced Thursday, which will provide a year-round option for students wishing to rent through the summer months.

Other initiatives announced Thursday include:

• Finance PEI Loan Fund: Finance PEI will work with developers to provide a new approach for funding affordable, rural, and unique housing options across P.E.I.
• Island Regulatory and Appeals Commission (IRAC) review: Government will ask IRAC to review tenant rights and report back to government on any changes that may be required. IRAC will also begin a public awareness campaign to ensure tenants are aware of the protection provided to them.
• Scan of short-term vacation rentals: Government has initiated a study onshort-term rentals, their impact on the housing market and actions other jurisdictions have taken to manage the impact.
• Public meetings:Public education sessions will be held this fall to informIslanders about the current housing supports available, including programs such as down payment assistance, senior independence, seniors home repairand rent supplements.

"The housing landscape is rapidly changing and we are continuously looking at ways we can find solutions to the challenges," said Finance Minister Heath MacDonaldin a news release.

"Our province is in a strong fiscal position and this allows us to accelerate priorities that matter the most to Islanders."

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