Government providing supports for housing development
The Government of Prince Edward Island is announcing a new funding program to support the development of housing across PEI.
The Residential Unit Development Incentive (RUDI) for Multi-Unit Residential Buildings provides financial support to encourage the development of newly constructed rental units by providing a diminishing property tax rebate for up to five (5) years. Through this initiative, eligible developers will receive the following tax rebates for their respective build:
- 100% rebate on provincial property tax in year 1
- 80% rebate on provincial property tax in year 2
- 60% rebate on provincial property tax in year 3
- 40% rebate on provincial property tax in year 4
- 20% rebate on provincial property tax in year 5
“Inflationary pressures and supply chain issues have made it very difficult for developers to efficiently build residential units across PEI. Private developers provide an essential service in our Island’s housing market and are valued partners in addressing our housing supply across PEI. As a province, we know that we must provide whatever support we can to continue to encourage and entice building during times of need.”
- Finance Minister Mark McLane
The RUDI for Multi-Unit Residential Buildings will have targeted eligibility to encourage residential building that meet the needs of different areas across PEI. Eligible properties include buildings of 24 rental units or greater in the cities of Charlottetown and Summerside, 12 rental units or greater in the towns of Stratford and Cornwall, and buildings of 4 units or greater in all other areas across PEI.
Media contact:
Kip Ready
Department of Finance
kjready@gov.pe.ca