CHARLOTTETOWN, P.E.I. — The province recently announced support for the Canadian Mental Health Association, P.E.I. division (CMHA P.E.I.) to acquire a 30-unit residential apartment building in Charlottetown and maintain the units at an affordable level.
Island Investment Development Inc. will provide a loan of up to $2.125 million to support the project.
The province is providing a five-year term loan to CMHA P.E.I. to acquire the residential apartment building located at 40 Kent St.
The province will also provide a $400,000 non-repayable capital contribution for the acquisition and renovations and a 10-year commitment for a $73,000 operating grant.
The acquisition of this property will ensure that these 30 units are maintained as affordable for the long term.
The province also announced more details on a 10-bed housing unit for long-term transitional housing, made possible through a partnership with Health P.E.I. and CMHA P.E.I., which will be located beside Murchison Centre on St. Pius X Avenue in Charlottetown.
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