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New loan to help develop more multi-unit housing in P.E.I.

Kensington-Malpeque MLA Matthew MacKay walks into the floor of the legislature for question period on Wednesday.
Economic Minister Matthew MacKay. - SaltWire file photo

A new multi-unit residential loan development fund will help developers, organizations and non-profits build more housing for Islanders.

Finance P.E.I., along with the Department of Social Development and Housing, held consultations in Prince, Queens and Kings counties in October with local contractors, builders and non-profit organizations to discuss what options would work best for the financing program. 

Based on that input, the following criteria was developed, including a 10-year term (amortized up to 25 years) with no application fee or penalties to payout before maturity of the loan, a four per cent interest rate, up to 90 per cent financing (80 per cent for renovations), construction for multi-units with a minimum of four units and a cap at $4-million per project.

Economic Minister Matthew MacKay said government is working together with partners to help create more housing for Islanders.

“This new loan is focused on supporting communities both large and small and giving developers, organizations and non-profits the flexibility and financial help they need to make their project happen.”

Housing Minister Ernie Hudson said the loan program is another way government is supporting the housing needs in the province.

“By listening to our partners and working together we can ensure that all Islanders can be safe and secure and have a roof overhead.” 

To learn more about the multi-unit residential loan development fund, visit financepei.ca.

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