More affordable housing options for families in Stratford, Montague

Charlottetown Mayor Philip Brown, left, joins Bill Campbell, federal Social Development Minister Ahmed Hussen, Charlottetown MP Sean Casey, provincial Housing Minister Ernie Hudson and Terry Palmer, vice-president of finance, Pan American Properties Inc. at Stratford Place on March 3. - Contributed

A new federal grant will allow for the construction of housing units on Prince Edward Island, which will include affordable housing.

Ahmed Hussen, minister of families, children and social development and minister responsible for Canada Mortgage and Housing Corporation, announced a financial commitment of over $20.36 million from the federal government for the construction of 106 new rental housing units in P.E.I. to help more families have an affordable place to live.

Through the National Housing Co-Investment Fund, a pillar initiative of the National Housing Strategy, the federal government is investing in two projects by Pan American Properties Inc.:

$11.03 million for the construction of Stratford Place, a four-storey apartment building located at 140 Dale Dr. in Stratford which will contain 61 units, 30 of which will be affordable units; and
$9.33 million for the construction of Montague Place, a three-storey apartment building located at 140 Wightman St. in Montague which will contain 45 units, 30 of which will be affordable units.

The affordable units in both buildings will be leased to the P.E.I. Housing Corporation which, in turn, will lease the units to people on their waitlist on a rent-geared-to-income basis. The remaining units will be rented to the general population at market rates.

Ahmed Hussen, minister of families, children and social development and minister responsible for Canada Mortgage and Housing Corporation, has announced a financial commitment of over $20.36 million from the federal government for the construction of 106 new rental housing units in P.E.I. Contributed

Thanks to these federal commitments and to the investments of other partners, namely the province of P.E.I., who have provided Pan American Properties Inc. with $19 million to support the housing developments, these projects will provide much needed affordable housing options close to public transit, schools and services for families in need.

Tim Banks, president of Pan American Properties Inc., said these projects will help both communites grow and prosper.

“We believe these affordable housing projects will play an important contribution to the housing crisis we are facing on Prince Edward Island and we applaud community leaders in Stratford and Three Rivers (Montague) for their encouragement and support to help make these projects a reality,” said Banks.

“We live here and we’re proud of what we build here.”