1st affordable housing project for Cornwall, P.E.I.

The Town of Cornwall recently approved the first housing project to take advantage of its new affordable housing incentive program.

A 36-unit development on Fulton Drive in Cornwall, P.E.I., is now under construction and 30 of those units have been deemed affordable housing.

This means residents will spend no more than about 30 per cent of their after-tax earnings on shelter.

This was the first application that came to council for the affordable housing initiative, said Coun. Peter Meggs who also chairs the committee that oversees the affordable housing program.

"The development that is being built is eligible for a waiver of the development fees. It's eligible to a rebate of half of the municipal portion of the property tax levy," Meggs said.

"We already have that accessibility bonus in the town for some of the building that goes on. So, people with disabilities are also able to live in some of these units."

Hoping more take advantage of program

He said he is hoping more developers will come forward with proposals to meet the growing demand.

"I think this is really great. I think this will be tremendous for the town," he said.

Meggs said the town needs more data to see where it is at with vacancy rates and how much affordable housing is actually required. 

"If the vacancy rate is low in Charlottetown and there is a possibility for people to move out and move to Cornwall we are really anxious to make sure that that need gets filled," he said.

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