A 60-unit apartment building already under construction is receiving a low-cost construction loan of almost $ 14 million to create more housing in Prince Edward Island.
The apartment at 5 Towers Rd., Just behind the Charlottetown Mall, will be part of the Geneva View apartments.
Of the 60 units, 12 will be one-bedroom apartments and 48 will be two-bedroom apartments.
The units offer between 800 and 1,400 square feet, said Wayne Carew, business consultant for Geneva Place Inc., adding that some units will have “veranda balconies all year round.”
All units in the building will have annual rents “well below” 30% of the median household income in the area and at least six will meet municipal accessibility standards, according to a government press release.
According to Statistics Canada, the median total income of all families in the Charlottetown area was $ 83,290 in 2018.
The money comes from the Government of Canada’s Rental Construction Finance Initiative – a program of the Canada Mortgage and Housing Corporation, which supports the construction of rental housing.
“We are proud to be partners in this project because we simply believe that every Canadian deserves a chance to succeed,” said Ahmed Hussen, Minister of Families, Children and Social Development.
“These projects put the needs of Canadians first while stimulating the local economy and creating good, middle-class jobs when they are needed most.
Affordable rent levels for at least 23 units will be maintained for at least 11 years from the date of first occupancy, the statement said.
“The lack of available and affordable housing is more acute in Charlottetown than almost anywhere else in Canada,” said Charlottetown MP Sean Casey.
“It’s absolutely huge for our community. The biggest challenge Prince Edward Island and certainly the city of Charlottetown face is the very low vacancy rate and affordable housing.
Construction of the apartment started in December 2019. The project is expected to be completed by June.
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