Atlantic Canada Business Grants

Housing cooperatives

Affordable Housing Development Program

by |

Amount:

$55,000

Type of Program:

Loan

Description:

The Affordable Housing Development Program (AHDP) supports the construction of affordable residential units to increase the availability of rental units for those in core housing need.

Comments on Funding:

Funding is in the form of forgivable loans of $55,000 per unit.
Loan forgiveness period will be negotiated upon approval of the project but will range from 10-25 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:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be non-profit corporations, 
  • be private entrepreneurs, 
  • be development corporations,
  • be housing cooperatives,
  • be municipalities,
  • build affordable housing units in Prince Edward Island, 
  • design at least 20% of the units receiving a forgivable loan using accessibility guidelines within the National Building Code (section 3.8),
  • have projects with a minimum of four units. 

Application Steps:

Applicant must submit:

1

the Affordable Housing Development Program Application Form,

2

a proposal that must achieve a minimum score of 70 points out of 100 to be considered for project funding.

Documentation Needed: 

Applicants must submit together with the application form a proposal including:

  • project description on the proposed property, zoning, number of units, location and nearby amenities, design work, and timeline for completion,
  • copies of the floor plan and building elevations,
  • a description of how project achieves Net Zero Readiness,
  • applicant background (contact information, experience with housing developments),
  • intended target market for the affordable units,
  • comprehensive capital cost estimates for the entire project including clearly identifying the funding sources, including applicant contributions, conventional financing, other grants and/or donations,
  • pro forma financial statements with estimates for the entire building, not just the units that would be funded through this program.

Other Things to Note:

For more information applicants must contact Cody Clinton, Department of Social Development and Housing, 902-218-6643.

Program Contact:

Affordable Housing Development Program

Affordable Housing Development Program June 18.docx