Affordable Housing Development Program
$55,000.00
Loan
Description:
The Affordable Housing Development Program (AHDP) supports the construction of affordable residential units to increase the availability of rental units for those in core housing need.
Comments on Funding:
Funding is in the form of forgivable loans of $55,000 per unit.
Loan forgiveness period will be negotiated upon approval of the project but will range from 10-25 years.
Forgivable loans for projects led by private entrepreneurs will be limited to a maximum of 50% of the units in their project.
Municipalities, development corporations and non-profit groups may be eligible for forgivable loans for 100% of the units in their project.)
Continuous Intake
Eligibility:
Applicants must:
1. be non-profit corporations,
2. be private entrepreneurs,
3. be development corporations,
4. be housing cooperatives,
5. be municipalities,
6. build affordable housing units in Prince Edward Island,
7. have projects with a minimum of four units, contribute to increasing accessible units to 20 per cent of government-supported units and be Net Zero Ready.
8. design at least 20% of the units receiving a forgivable loan using accessibility guidelines within the National Building Code (section 3.8).
Application Steps:
Applicants must submit:
1. the Affordable Housing Development Program Application Form,
2. a proposal that must achieve a minimum score of 70 points out of 100 to be considered for project funding.
Documentation Needed:
Applicants must submit together with the application form a proposal including:
1. project description on the proposed property, zoning, number of units, location and nearby amenities, design work, and timeline for completion,
2. copies of the floor plan and building elevations,
3. a description of how project achieves Net Zero Readiness,
4. applicant background (contact information, experience with housing developments),
5. intended target market for the affordable units,
6. comprehensive capital cost estimates for the entire project including clearly identifying the funding sources, including applicant contributions, conventional financing, other grants and/or donations,
7. pro forma financial statements with estimates for the entire building, not just the units that would be funded through this program.
Other Things to Note:
For more information applicants must contact Robbie Ashley, Department of Social Development and Housing, 902-916-0782, rashley@ihis.org Published date: February 9, 2023
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Maurice
