Martha Place provides a new start and a safe home for seniors, persons with disabilities and other priority populations. The 4-storey, 60-unit apartment building features 50 affordable units. Martha Place is owned by Kings Square Affordable Housing Corporation, a non-profit organization formed in 2007. The organization’s focus is on providing housing for priority groups including seniors, families and persons with disabilities.
3 Key Goals
-
✔
A diversity of partners brings complementary strengths to the project team. In the case of Martha Place, the project team included a non-profit and faith-based organization with a long history of helping those in need in their community.
-
✔
Smaller communities like Charlottetown often face different housing needs and homelessness challenges than large cities. There may be fewer resources and housing options available, and vacancy rates can be very low. By providing housing for priority populations, Kings Square qualified for financing through the National Housing Co-Investment Fund, which covered a significant part of the project’s capital costs.
-
✔
When planning an affordable housing project, patience and flexibility pay off. Before PEI Housing Corporation provided the land for Martha Place, the project was initially planned for another location.
Project scope and expected outcomes
Strength in diversity
Martha Place was several years in the making. Originally planned for another location, PEI Housing Corporation provided land valued at $798,000 for the project at 2 Acadian Drive. The Corporation transferred ownership to Kings Square. Kings Square hired APM MacLean to build the new building. Kings Square has been an affordable housing developer since 1988 and has stable, long-term leadership. The organization brings key development and property management expertise to the project. Their solid reputation played a role in securing financing through the National Housing Co-Investment Fund.
In addition to providing land for the project, PEI Housing Corporation provided a forgivable construction loan of $600,000. The City of Charlottetown will provide tax relief for the next 20+ years, valued at $1,700,000.
The 50 affordable apartments at Martha Place are leased to Prince Edward Island Housing Corporation. PEI Housing Corporation offers the affordable apartments to people on their wait list, on a rent-geared-to-income basis. The remaining 10 units are rented out to the general community at market rates, helping to offset some of the building’s operating costs.
The Sisters of St. Martha of PEI has been helping those in need in the community for over 100 years. The Sisters made a contribution of $900,000 to the project in exchange for the use of a 1,200-square-foot common area. This space is used to provide part-time support services to residents through their Living Well initiative. This initiative offers programming and presentations to promote enhanced health and healing. Programs and presentations are determined in collaboration with residents in the larger community.
Financing from CMHC’sNational Housing Co-Investment Fund contributed significantly to the $14,183,000 project’s capital costs.
Affordability, accessibility and energy efficiency outcomes
The National Housing Co-Investment Fund has affordability, accessibility and environmental efficiency requirements.
| Requirement | How this project meets requirements |
|---|---|
| Affordability | 83% of Martha Place’s units are affordable |
| Accessibility | 30% of the units are accessible and common areas are barrier-free. |
| Energy efficiency and greenhouse gas emissions reduction | The new building aims to achieve operating energy savings and a reduction of greenhouse gas emissions of over 68% compared to the National Energy Code for Buildings 2015. |
Location
Martha Place is located at 2 Acadian Drive, less than half a kilometre from public transit. The project is in a desirable part of Charlottetown, close to all services and amenities.
Project Name: Martha Place
Location: Charlottetown, Prince Edward Island
National Housing Strategy Initiative: National Housing Co-Investment Fund
Total Federal Funding Amount:
- Financing through theNational Housing Co-Investment Fund: $14,183,000
Project Collaborators/Partners:
Done!
Link copied
Share via Email
