344 New and Repaired Homes Coming to Prince Edward Island

CHARLOTTETOWN, PE, March 20, 2025 /CNW/ - Today, the Government of Canada announced an investment of over $75 million to build or repair 344 homes across Prince Edward Island.

This funding, provided under the Canada Greener Affordable Housing Program (CGAH), the Apartment Construction Loan Program (ACLP), Rapid Housing Initiative 3.0 (RHI 3.0) and the Affordable Housing Fund (AHF), has been allocated to support pre-retrofit activities, key energy-efficiency renovations needed for multi-unit residential buildings as the construction and repair of homes across the province. These investments will help low- and moderate-income households enjoy comfortable, affordable homes for longer. Further details on these programs can be found in the Quick Fact section below.

The Government of Canada is making life more affordable for Canadians — and housing is key to our work. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.

A detailed list of all the projects that received federal funding through the Canada Greener Affordable Housing, Apartment Construction Loan Program, Rapid Housing Initiative 3.0, Indigenous and Northern Affordable Housing Fund and Affordable Housing Fund is provided in an appendix to this release.

Quotes:

"Investing in housing makes a difference in the lives of Canadians and their communities. Housing is a foundation for Canadians to build better lives for themselves and to contribute to and share in the prosperity of the country." – The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

"Our Government is investing in affordable housing here in Charlottetown and across Canada to help create jobs and improve the quality of life for those who need it most. Thanks to the combined efforts of our partners, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community." – Sean Casey, Member of Parliament for Charlottetown

Quick Facts:

• The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
  • As of December 2024, the federal government has committed $60.09 billion to support the creation of over 156,000 units and the repair of over 298,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
    
    
• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $14.6 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous Peoples, people living with disabilities, those with mental health or addiction issues, Veterans, and young adults.
  • As of December 2024, the Government of Canada has committed $10.87 billion to support the creation of almost 42,000 units and the repair of over 168,000 units through the Affordable Housing Fund.
  • Budget 2024 announced enhancements to the AHF which includes the program being extended from 2025 – 2026 to 2028 – 2029. The existing New Construction Stream is now divided into two dedicated sub-streams: a Rapid Housing Sub-Stream for the creation of shelters, supportive and transitional housing for those in greatest need, and a dedicated Community Housing Sub-Stream to support affordable and mixed-market housing where there are both affordable and market rent units in a project. The Repair and Renewal Stream has replaced minimum requirements with an approach where projects supporting accessibility and energy efficiency will be prioritized.
    
    
• The Rapid Housing Initiative (RHI) is delivered through the Canada Mortgage and Housing Corporation (CMHC) under the NHS. It provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. With its third phase, launched in 2022, the Rapid Housing Initiative once again exceeded targets. It is expected that with this phase over 5,200 new homes will be created, of which almost half will be for women and one third will be for Indigenous Peoples. The total number of units created with the support of Rapid Housing Initiative is expected to be over 16,000 units. The program is now closed.
  • The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, Veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.
    
    
• The $55 billionApartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
  • The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs
  • As of December 2024, CMHC has committed $21.76 billion in loans through ACLP to support the creation of more than 56,000 rental homes.
  • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes.
    
    
• The Canada Greener Affordable Housing (CGAH) is providing $1.2 billion to make multi-unit rental housing serving low- and moderate-income households more energy efficient and environmentally friendly.
  • CGAH is a financing program to help community housing providers complete deep energy retrofits on their multi-unit residential buildings, improving their quality and adapting homes to the effects of climate change and extreme weather events leading to deep reductions in energy consumption and greenhouse gas (GHG) emissions.
  • CGAH provides contributions for pre-retrofit activities needed to plan, prepare, and apply for retrofit funding as well as forgivable and low-interest loans to help finance building retrofits and activities needed to meet climate objectives.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on X (formerly Twitter), Instagram, YouTube, LinkedIn and Facebook.
• Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.

SOURCE Canada Mortgage and Housing Corporation (CMHC)