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

·2 min read
Of the 60 units, 12 will be one bedroom and the other 48 two bedroom. (Tony Davis/CBC - image credit)
Of the 60 units, 12 will be one bedroom and the other 48 two bedroom. (Tony Davis/CBC - image credit)

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.

The apartment 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, said Wayne Carew, business consultant for Geneva Place Inc., adding some units will have "year-round sun room balconies."

Construction on the apartment began in December of 2019. The project is expected to be complete by June.
Construction on the apartment began in December of 2019. The project is expected to be complete by June.(Tony Davis/CBC)

All of the units in the building will have annual rents that are "well below" 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."

A rendering of what the the building will look like when completed.
A rendering of what the the building will look like when completed.(Submitted by the Government of Canada)

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."

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

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