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PEI announced new funding programs to aid housing development costs

Prince Edward Island launched over $25 million in assistance programs to bolster infrastructure for 700 new residential lots. The Municipal Infrastructure Fund will provide grants to developers in rural areas, supporting the extension of existing facilities and thus making more land available for housing. Additionally, developers can receive financial support from the Subdivision Development Financing Program, offering low-rate financing for developing vacant land. The Building Acceleration Grant will assist with road infrastructure for approved lots, covering up to 50% of the total cost. These initiatives aim to provide diverse housing options, reduce costs, and encourage housing developments, thereby creating more attainable housing to meet the needs of Canadians.

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