Rules & Instructions for Individuals
The Attainable Housing Fund is a collaboration between the Province of Prince Edward Island and Habitat for Humanity PEI to provide Islanders with access to homeownership opportunities by contributing to housing development projects.
The Program will provide funding consisting of a non-repayable contribution of a maximum of $55,000 per housing unit that will be used to support the construction costs of single-family dwellings (including single or multi-unit dwellings) to ensure an attainable housing price point not exceeding $300,000 and/or an attainable lease to own arrangement (lease rate to be determined) to prospective homeowners.
Eligible Individuals and Households (seeking home ownership):
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- At least one applicant is a Canadian Citizen or a Permanent Resident that has been living on PEI for greater than three years;
- Individuals Applying – Applicants’ annual household income is $45,000 or less;
- Households Applying – Applicants’ annual household income is $95,000 or less;
- Purchase price of the housing unit shall not exceed $300,000;
- Property is on Prince Edward Island;
- Applicants must be pre-approved for mortgage financing through an accredited financial institution (only required for direct purchase);
- Applicants have disclosed a personal net worth of less than $100,000;
- Applicant is a first-time home buyer. For this program, you are considered to be a first-time home buyer if you meet one of the following criteria.
- You have never purchased a home before;
- In the last four years, you did not occupy a home that you or your current spouse or common-law partner own; or
- You have gone through a breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).
- Applicants must not have any defaulted outstanding debt obligations registered with the Government of Prince Edward Island Central Default Registry.
How to Apply:
As an eligible individual, you may apply online or download a pdf version of the Attainable Housing Fund Application Form – Individual for completion, signature(s), and submission, along with the following supporting documentation:
- A Notice of Assessment from the Canada Revenue Agency (CRA) for the prior tax year from each applicant;
- A copy of the Applicant’s Birth Certificate, or Passport, evidencing Canadian citizenship or a copy of the Applicant’s Permanent Residency documentation. Other supporting documentation may be required;
- A signed personal net worth statement.
Selection Process:
- Upon review and approval of an application received from an Eligible Developer, a Request for Interest (ROI) will be publicly released to create a list of Eligible Individuals for the proposed housing units to be constructed;
- The order of the list of Eligible Individuals will be based on the timing of the approval (first come-first serve); however, applications for family housing will be prioritized;
Special Conditions:
- No attainable housing unit authorized through the Fund will be constructed without a secured buyer;
Note: who is a secured buyer? Is it not a “qualified buyer?
- PEI Housing Corporation shall obtain an Option to Purchase, to be registered with the property, on the attainable housing units being constructed and subsequently sold and leased to Eligible Applicants to ensure the units are maintained as attainable housing units indefinitely. Same comments as in the previous document about an “option to purchase” as opposed to a “right of first refusal”?
