Today, the federal government announced over $19 million to build 70 purpose-built rental homes in Charlottetown. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement was made by Sean Casey, Member of Parliament for Charlottetown on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
Located at 54 Sherwood Road, this project consists of two 35-unit residential buildings, each containing 32 two-bedroom units and 3 bachelor units. It was completed on July 18, 2023 and is already providing homes to Charlottetown residents. The pet-friendly, accessible, and affordable homes are in a great location close to public transit, jobs, and schools with outdoor amenities such as a fenced dog park playground, and community gazebo.
Canada's construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
"We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"The Government of Canada is committed to working with communities to meet the challenges presented by the housing crisis. Through RCFi, our government is increasing the supply of new rental units by investing $19 million to build a total of 70 units in Charlottetown. These energy efficient and accessible homes will benefit low and middle-income individuals and families, making our communities more inclusive and equitable." – Sean Casey, Member of Parliament for Charlottetown
Funding details for the project include:
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