Housing Development Challenge
$6,000,000
Loan
Description:
A Housing Development program has been designed to invite developers/contractors/landlords to submit proposals for new residential development projects on PEI including infrastructure. This loan program is intended to assist approved developers/contractors/landlords increase the housing inventory on PEI.
Comments on Funding:
Projects must have at least five units and tenants must be an arm’s length to the developer (cannot be developer’s family living in the development)
Applications are closed. Stay tuned for future intake announcements.
Eligibility:
1. Non-profits;
2. Community based / service organizations;
3. Private sector (applicants must be in good standing with the Province at the time of application);
4. Previous developers are eligible to reapply for new projects (no refinancing of previously approved projects will be considered).
Application Steps:
Applicants must submit an application to an account manager with Finance PEI.
Documentation Needed:
Applicants must submit:
1. complete application form
2.1-2 page executive summary addressing the following (7) criteria points along with their projected monthly rents, breakdown on number of bedrooms, estimated monthly costs and any other pertinent information with respect to their project.
Other Things to Note:
About the author
Maurice
