A Liberal government will increase access to more affordable housing in PEI by supporting first-time homebuyers, creating 500 public housing units for seniors and providing more incentives to build housing, PEI Liberal Leader Sharon Cameron announced today.
“The lack of affordable housing is a growing concern for PEI,” said Cameron. “The previous Liberal government had developed and was implementing a Housing Action Plan to address homelessness in PEI. But since the PCs came into power, the momentum of that plan was lost. Our Liberal plan will make new investments to increase the housing supply so more Islanders can find affordable places to live.”
The Liberals’ plan to address our housing crisis includes:
- Establishing the OwnFirst program for first-time homebuyers with household incomes below $95,000 to access an interest-reducing subsidy on the first $200,000 of their mortgage of up to $4,000 for five years.
- Creating 500 affordable public housing units for seniors with a $100 million capital investment.
- Offering low-cost financing that provides $150 million over three years as an incentive for nonprofits, co-ops and developers to build 750 units of new housing on PEI, with a focus on affordable housing.
“Housing is not just about providing shelter,” said Cameron. “It’s also about creating a strong foundation for communities to thrive through creating economic stability for Islanders. By building more affordable housing and providing all our partners with incentives to create housing, we will help ensure Islanders have more access to safe and affordable places to live.”