Council Backs Up to $5M Loan to Advance Affordable Housing Projects

Prince Edward County Council has approved a loan of up to $5 million to help move forward two long-planned affordable housing projects, following a 9–5 vote at its recent meeting.

The funding will support continued pre-construction work for projects on Niles Street in Wellington and Disraeli Street in Picton, both overseen by the Prince Edward County Affordable Housing Corporation (PECAHC). Council also voted to declare the developments Projects of Community Interest, opening the door to fundraising, sponsorships, and community bond initiatives.

Council members acknowledged the challenges of advancing affordable housing without significant federal or provincial funding, noting that recent applications including to the Canada Mortgage and Housing Corporation were unsuccessful.

Supporters of the motion emphasized the need to maintain momentum after years of planning and groundwork, while continuing to explore future funding opportunities.

The approved loan will function as a line of credit, allowing flexibility for interim costs such as design, environmental work, and site preparation. County staff advised that without this financing, progress on the projects would slow considerably. Municipal officials also expressed confidence that the loan can be managed responsibly and repaid, with safeguards in place if needed.

Among the two developments, the Disraeli Street project a smaller, modular build in partnership with Tyendinaga First Nations is expected to be prioritized as it can be completed more quickly.