Every Canadian deserves a safe and affordable place to call home. That is why, in May 2018, the Government launched the National Housing Co-Investment Fund (NHCF), the largest program of its kind in Canadian history.
Today, The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced a financial commitment of over $20.36 million from the federal government for the construction 106 new rental housing units in Prince Edward Island to help more families have an affordable place to live.
Through the NHCF, a pillar initiative of the National Housing Strategy (NHS), the federal government is investing in two projects by Pan American Properties Inc:
- $11.03 million for the construction of Stratford Place, a 4-storey apartment building located at 140 Dale Drive in Stratford. It will contain 61 units, 30 of which will be affordable units that will be leased to the PEI Housing Corporation who in turn will lease the units to people on their waitlist on a rent geared to income basis. The remaining 31 units will be rented to the general population at market rates.
- $9.33 million for the construction of Montague Place, a 3-storey apartment building located at 140 Wightman Street in Montague. It will contain 45 units, 30 of which will be affordable units that will be leased to the PEI Housing Corporation who in turn will lease the units to people on their waitlist on a rent geared to income basis. The remaining units will be rented to the general population at market rates.
Thanks to these federal commitments and to the investments of other partners, namely, the Province of Prince Edward Island who have provided Pan American Properties Inc. with $19 million to support the housing developments, these projects will provide much needed affordable housing options close to public transit, schools and services for families in need.
“Through the National Housing Strategy, more Canadian families will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Montague and Stratford families that will move into these new affordable rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the ones we are announcing today.”
“Everyone deserves a safe place to call home that they can afford and that meets their needs. This is why, as part of the National Housing Strategy, our Government is proud to be helping corporations like Pan American Properties get affordable housing projects like Montague Place and Stratford Place built. When we help Prince Edward Islanders get the housing they need, we are doing more than putting a roof over their heads, we are helping build a foundation for their success.”
“New affordable housing options for Montague and Stratford will address a serious need in these two growing communities and support Islanders currently on the provincial social housing registry. Through investments in our communities, including investing in affordable housing solutions for Islanders tip to tip, we can help create a province where all Islanders can live healthy, independent lives and where our communities can remain strong and vibrant. Working together, including with our federal partners, we will make investments in programs and services important to Islanders.
“We are excited to partner with Canada Mortgage and Housing Corporation (CMHC) and the Province of Prince Edward Island and recognize their financial investments in these affordable housing projects for residents and future residents of Stratford and Three Rivers (Montague). These projects will help both communities grow and prosper. We believe these affordable housing projects will play an important contribution to the housing crisis we are facing on Prince Edward Island and we applaud community leaders in Stratford and Three Rivers (Montague) for their encouragement and support to help make these projects a reality. We live here and we’re proud of what we build here.”
- The Stratford Place project aims to achieve energy savings and a reduction of greenhouse gas emissions of 37%, compared to the National Energy Code for Buildings 2015, and Montague Place projects’ aim is at 41%.
- Stratford Place will have 13 accessible units and Montague place will have 9.
- Pan American Properties Inc. is a for profit corporation which has been actively involved in property development for over 20 years. They are a prominent player in development and leasing on PEI and throughout Atlantic Canada.
- The Government of Canada is currently rolling out its National Housing Strategy (NHS), an ambitious 10-year, $55 billion plan that will create 125,000 new housing units and lift 530,000 families out of housing need, as well as repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 percent.
- The NHS is built on strong partnerships between federal, provincial and territorial governments, and on continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private sectors to make a meaningful difference in the lives of Canadians.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Information on this release:
Senior Special Assistant, Communications
Office of the Minister of Families, Children and Social Development
Canada Mortgage and Housing Corporation, Media Relations