May 5, 2005
For immediate release
New Affordable Housing in Summerside, PEI
Health and Social Services
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“This project shows how governments and the private sector can work together to bring about housing for the residents of Summerside,” said Minister MacGuire. “The Government of Canada is committed to working with its partners to create more affordable housing in P.E.I. while helping communities offer improved services and contribute to positive growth and development.”
The Highlands, a $1,03 Million dollar project to be developed on Jennifer Street by CNPS Inc., will provide 14 three-bedroom housing units, which will be rented at affordable rents for ten years.
“These types of partnerships are the way of the future,” MLA Helen MacDonald noted. “The flexibility of the Canada - PEI Affordable Housing Agreement means that we can develop more partnerships, and work together with members of the community to develop similar projects in both urban and rural areas of the province. This project will bring PEI’s total to 77 units of its 120 unit target.”
Nelson MacKinnon of CNPS Inc. notes, “The cost of building good quality housing would make renting at affordable rates impossible without support from the Canada - PEI Affordable Housing Agreement. This should make a big difference for families with two or more children struggling to pay higher rents.”
The Canada-Prince Edward Island Affordable Housing Agreement, which was signed in 2003, stated that it would provide $5.5 million to create approximately 120 housing units by the end of 2007 across PEI. The Government of Canada is contributing $2.75 million to be matched by the Province and other partners.
Canada-PEI Affordable Housing Program Agreement Summary
Dated signature: May 23, 2003
-To increase and sustain the supply of new affordable housing in Prince Edward Island (PEI)
-Housing supported by the Canada-PEI Affordable Housing Agreement must be rented at affordable rents for 10 years.
Funding under this agreement will be used to create new, additional, affordable housing units for low to moderate income Islanders through rental, conversion and homeownership initiatives.
-The program is administered by the PEI Department of Health and Social Services.
-PEI is responsible for the selection of affordable housing projects.
-Provincial priorities are housing for families, persons with disabilities and persons with special needs.
-The PEI Government has partnered with Habitat for Humanity to deliver the homeownership component.
-Maximum funding under the agreement is $2.75 million to be matched by the Province of PEI, municipalities and others partners.
-Overall funding will not exceed $25,000/unit over the life of the Agreement.
-PEI will provide annual audit and performance reports on the use of CMHC funding.
-CMHC will lead a national evaluation of the program in 2006 and the province will be invited to participate.