New programs support housing development costs

The PEI Government has announced new programs to support housing development costs Over $25 million in new financial support programs will help build the infrastructure needed for approximately 700 new construction-ready residential lots in rural PEI communities.  The Municipal Infrastructure fund, administered through the Federation of PEI Municipalities will  support projects that extend existing municipal water and sewer systems, sidewalks and roads so that more lots and subdivisions can be built. There will also be money available to developers for road infrastructure around pre-approved, existing housing lots and low interest financing for subdivision development. Housing minister Rob Lantz says the high cost of development can discourage developers who want to create housing and hopefully the new programs will mean more affordable housing options.