Developers looking to build housing in rural P.E.I. now have the chance to access a pot of $25 million in grants from the provincial government.
The aim of the Municipal Infrastructure Fund is to support projects that extend existing municipal water and sewer systems, sidewalks and roads so that more lots and subdivisions can be built in P.E.I.’s smaller communities.
According to a news release from the province, developers can receive $10,000 per lot if developing two to five lots, and $12,000 each for six to 10 lots. Developers with 11 to 20 lots can receive $15,000 for each.
P.E.I. Housing Minister Rob Lantz said the program will help overcome the barrier of building or extending services like water, sewer and roads to new homes.
“We would estimate that this could potentially produce about 700 building lots in various communities across the Island,” Lantz said. “We’re not looking for people to build mansions…. These are for homeowners, for family housing. Typical neighbourhoods and subdivisions.”
He said there will be a point system for the grant applications, and more points will be awarded for smaller developments.
Lantz said there’s no specific timeline to build once developers access the funding, but that developers are “lining up” to apply for the grants.
‘We need to expand out tax base’
Kensington Mayor Rowan Caseley said the funding will help developers create one-bedroom units or single-family homes that people can afford — something his town would welcome.
