116 affordable housing units purchased from P.E.I. rental market
The Prince Edward Island government says more than 100 affordable housing units have been purchased from the private rental market over the past year as part of a new program.
The province partnered with three non-profit and co-operative housing organizations last year with the goal of increasing affordable housing options.
The province is providing annual funding to the P.E.I. division of the Canadian Mental Health Association, Co-operative Housing Federation of Canada, and Kings Square Non-Profit Housing Corporation.
The Community Housing Expansion Pilot allows the organizations to purchase existing housing and plan construction for new units.
'By partnering with the community housing sector, we are addressing the critical need for housing solutions for Islanders caught in the 'missing middle'—those who earn too much for social housing but struggle with rising rental costs,' said Premier Rob Lantz in a provincial news release.
'These collaborations allow us to create sustainable, attainable housing options that bridge the gap, ensuring more Islanders can find a place to call home.'
The Canada Mortgage and Housing Corporation notes housing is considered affordable if it costs 30 per cent or less of an annual income.
For more P.E.I. news, visit our dedicated provincial page.
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