Government Announces Program to Support Rental Housing Development

The Provincial Government announced it is seeking expressions of interest from property developers who are undertaking new purpose-built residential rental development projects in the province.

The Rental Housing Development Loan Program will offer low-interest loan financing to qualified property developers to encourage the construction of new rental housing. The aim of the program is to help increase the availability of housing as quickly as possible.

The government will commit up to $50 million for the program in eligible loans. The Rental Housing Development Loan Program will be delivered through a multi-phased solicited proposal process consisting of the following:

• Phase I: Call for Expressions of Interest.

• Phase II: A Request for Proposal invitation to successful Phase I applicants to provide an application with detailed proposal.

• Phase III: Award and signing of funding agreements with successful applicants.

Expressions of Interest (Phase I) are now being accepted until Wednesday, February 21.