Rental units at an affordable price to come to Summerside
Downtown Summerside could see new affordable rental units in the works soon as part an effort to revitalize downtown.
The city, province and federal government have noticed a shortage of affordable housing in Summerside.
Designating money for funding and loan programs is how the federal government has decided to address the issue.
The plan is to have a multi-story complex of no fewer than 40 affordable units, which also includes ground floor space for business, retail or restaurants, in the downtown core.
The city is looking for interested developers to take on the project.
Local companies would be preferred as long as they’re capable, said Bob Ashley, chief administrator for the City of Summerside.
How affordable is affordable? They can’t know numbers for sure yet as the proposal is still in its infancy. That will all come with further research, said Ashley.
Estimated to be a multi-million dollar development, the federal government will have a helping hand in this.
Developers are sometimes reluctant to take on such large project proposals due to high risk. Government low-interest loans and earmarked funds, as well as the Support Entrepreneurs and Economic Development (SEED) program will help the project eliminate some of the risks in its infancy. The SEED program will assist with design, business plans and other specifications, said Ashley.
These units will not be geared to a specific demographic but provide affordable living for anyone.
“It’s important for people to keep in mind this isn’t social housing, it’s affordable living,” said Ashley.
More people in the downtown benefit everyone, he said.
“Everything from businesses, restaurants to entrepreneurs. Bringing people to the downtown core will energize the city.” will