A new Municipal Infrastructure Fund (MIF) will help offset the costs of extending municipal infrastructure, so more property is available for housing in municipalities in rural PEI.
The Province of PEI and Federation of PEI Municipalities launched the fund in the Town of Kensington today.
The subsidy program offers grants of $10,000 to $15,000 per lot, to a maximum of $300,000, for developers creating lots and subdivisions in municipalities in rural PEI with central services (water and/or wastewater). The grants support the extension of existing housing-related infrastructure, including municipal central water and wastewater systems, public roads, and sidewalks.
“We are pleased to partner with the provincial government on an infrastructure fund that will help reduce housing costs and limit sprawl through development inside rural municipal service centres,” said FPEIM President Bruce MacDougall. “By subsidizing infrastructure, the fund will make home ownership a possibility for more Islanders.”
Developments approved for the Municipal Infrastructure Fund may also receive financing through the Subdivision Development Financing Program, which the Province launched at the same event.
Details and criteria for the Municipal Infrastructure Fund are available here. Information on the provincial Subdivision Development Financing Program can be found here.
The Municipal Infrastructure Fund is funded by the provincial Department of Housing, Land and Communities and administered by the Federation of PEI Municipalities.