PEC Affordable Housing Corporation
The availability and affordability of housing is a growing concern in Prince Edward County. In recent years, the issue has been called a “crisis” due to its effect on the local economy and long-term sustainability of the community and its social fabric.
The Prince Edward County Housing Corporation was established in 2018. The mandate of the not-for-profit corporation is to increase the supply of affordable housing in Prince Edward County through a broad range of activities.
The County-initiated, independent not-for-profit corporation is structured as a single-member, non-share capital corporation with the municipality as the sole member. As a single-member, non-share capital corporation, the Prince Edward County Housing Corporation has a legal status separate and distinct from the municipality (as its sole member). It can acquire assets, obtain a loan, enter into contracts, and establish its own housing operations and/or programs as it sees fit. The corporation’s finances and any other assets belong to the corporation and not to the municipality.
The Prince Edward County Housing Corporation is established to:
- Increase the amount of funding available locally for affordable housing development
- Provide a vehicle for the transfer of municipal assets, physical or financial, for affordable housing development
- Initiate and/or support new affordable housing projects in cooperation with community stakeholders and developers
- Ensure high operational standards and protection of affordable housing assets, up to and including owning and/or operating the assets
- Create economies of scale for management, construction and operation of housing assets
- Provide effective and transparent governance of affordable housing investments
- Develop knowledge and expertise in funding, design and operation of affordable housing
- Advocate for and educate the community about affordable housing
Governance and Membership
The Board of Directors for the Prince Edward County Housing Corporation will consist of nine members. The board will include a maximum of two members of County Council.
The municipality has identified a number of critical competencies for the Board. Individual directors do not necessarily have to possess all of the competencies; rather,the complete Board must demonstrate all of the competencies in order to perform its fiduciary responsibilities.
The competencies are grouped into three categories:
- Professional experience
- Environmental or contextual knowledge
- Personal attributes and skills
Call for Members
County Council directed staff in late 2017 to bring forward recommendations for addressing the affordable housing challenges. It also allocated $250,000 for affordable housing in its 2018 budget.
In early 2018, staff struck an interdepartmental Affordable Housing Task Team to investigate the issue and propose solutions. In the summer of 2018, the team concluded its research and presented Committee of the Whole with a business case for establishing a County-initiated, independent not-for-profit affordable housing corporation.
View the business case presentation
Council approved the establishment of the Prince Edward County Housing Corporation in September 2018.