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The project, to be developed on the Norwood Road by McQuaid Construction, will provide 12 three-bedroom housing units which will be rented at affordable rents for ten years.

Funding of $290,400 will be provided, under the Canada-P.E.I. Affordable Housing Agreement, to this $1,185,000 project.

“This project shows how governments and the private sector can work together to bring about housing for the residents of Charlottetown,” said Mr. Murphy. “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.”

“These types of partnerships are the way of the future,” Minister Gillan noted. “The flexibility of the Canada - P.E.I. 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.”

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 across P.E.I. by the end of 2007. The Government of Canada is contributing $2.75 million to be matched by the Province and other partners.

BACKGROUNDER

Canada-P.E.I. Affordable Housing Program Agreement Summary

Dated signature: May 23, 2003

Objectives:

To increase and sustain the supply of new affordable housing in Prince Edward Island (P.E.I.)

Housing supported by the Canada-P.E.I. Affordable Housing Agreement must be rented at affordable rents for 10 years.

Program:

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.

Administration:

The program is administered by the P.E.I. Department of Health and Social Services.

P.E.I. is responsible for the selection of affordable housing projects.

Provincial priorities are housing for families, persons with disabilities and persons with special needs.

The P.E.I. Government has partnered with Habitat for Humanity to deliver the homeownership component.

Financial Provisions:

Maximum funding under the agreement is $2.75 million to be matched by the Province of P.E.I., municipalities and others partners.

Overall funding will not exceed $25,000/unit over the life of the Agreement.

Accountability:

P.E.I. 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.