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 in response to growing shortage of affordable housing. The Prince Edward County Affordable Housing Corporation Board is a Municipal Services Corporation, a non-profit part of the community effort toward meeting the affordable housing targets of The County’s Housing Plan. Reaching those housing targets means improving the local economy, workforce stability, and the long-term sustainability of our community. The Prince Edward County Affordable Housing Corporation is moving its two sites in Wellington and Picton forward for rapid construction of mixed income affordable housing units.
The County-initiated, independent not-for-profit corporation is structured as a single-member, non-share capital corporation with the municipality as the shareholder 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 shareholder). 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 Municipality transferred sites in Picton and Wellington for the purposes of affordable rental housing construction.
Objectives
From the Articles of Incorporation, 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 eleven members. The board also includes appointees from County Council.
The municipality has identified a number of critical competencies for the Board in its bylaw. 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 including legal, financial and land use planning
- project management and residential construction
- Personal attributes and skills in support of affordable housing
Learn more about the current Board of Directors of the Prince Edward County Affordable Housing Corporation