Where P.E.I.'s Housing Challenge homes are going, and how many there will be

The P.E.I. government has completed the first round of its Housing Challenge project, a $50-million, low-interest loan program designed to encourage new housing builds.

• Get the news you need without restrictions. Download ourfree CBC News App.

The province offered a two per cent loan on housing projects. It approved 13, including 11 for apartments and two subdivisions.

Here, by the numbers, is a look at those projects:

• Apartments created: 221.
• Serviced building lots: 45.
• Percentage of building lots in greater Charlottetown: 0 per cent.
• Percentage of apartments being built in greater Charlottetown: 29 per cent.
• Percentage of population growth that ishappening in greater Charlottetown: 45 per cent.
• Average cost per apartment unit: $244,580.06.
• Average percentage covered by loan: 88 per cent.
• Anticipated monthly rent: $995 to $2,350.
• Time to pay off capital cost only at $2,000/month: 10.2 years.
• Percentage of estimated new homes required annually: 7.9 per cent.