Type of Program:
The Affordable Housing Development Program (AHDP) will support the development of affordable rental units in Prince Edward Island through new construction or the renovation of existing buildings.
Comments on Funding:
Funding is in the form of forgivable loans of $45,000 per unit.
Loan forgiveness period will be negotiated upon approval of the project but will range from 15-25 years.
Forgivable loans for projects led by private entrepreneurs will be limited to a maximum of 50% of the units in their project.
Municipalities, development corporations and non-profit groups may be eligible for forgivable loans for 100% of the units in their project.
When It Ends:
The applicant must:
Applicant must submit:
the Affordable Housing Development Program Application Form,
a proposal that must achieve a minimum score of 70 points out of 100 to be considered for project funding.
Applicants must submit together with the application form a proposal including:
Other Things to Note:
For more information applicants must contact Cody Clinton, Department of Social Development and Housing, 902-218-6643, email@example.com(link sends e-mail).