Photo: Architectural Artist Rendering
As housing costs continue to rise, many individuals and families are facing increasing challenges in securing housing that meets their needs and fits within their budget.
Vital Signs shows that the housing shortage and high prices, coupled with increasing costs of living (utilities, taxes, etc.) have resulted in many young families, low-income earners and seniors being unable to afford to live in Prince Edward County.
To help address this critical need, The County Foundation has announced the launch of a new Affordable Housing Fund to support projects that increase access to safe, affordable, and stable housing for residents in Prince Edward County.
As a donor advised fund, it is initially focusing on the identified affordable housing project on Disraeli Street, which currently has an approximate funding gap of $390,000 within a total project cost of $3.5 million.
County Foundation officials add it will also serve as a vehicle to support future affordable housing initiatives, such as the proposed project on Niles Street in Wellington.
The Affordable Housing Fund will be established with a $50,000 donation from a private donor. Donations directed to the fund will be stewarded by The County Foundation in alignment with its original intent and directed toward affordable housing initiatives that support safe and accessible housing in our community.
Furthermore, an additional $50,000 in matching funds has been pledged by another private donor wanting to support the cause.
“Housing is about much more than having a roof over your head. It is the foundation that allows people to live, work, raise families, contribute to their communities, and build a sense of belonging,”stated says Dominique Jones, Executive Director. “When people can afford to live where they work, communities become stronger, more connected, and more resilient.
Jones added Vital Signs Data has shown that Prince Edward County has the lowest proportion of working-age residents in Ontario with just 53.5-per cent of the population between the ages of 15 and 64, compared to 67-per cent across the province.
“Without housing options that are within reach for working people and families, this gap will continue to widen, placing increasing pressure on local businesses, workforce recruitment, volunteer organizations, and the services we all rely on,” Jones noted.
The Affordable Housing Fund will not have open calls for applications and will instead focus on specific, identified projects and opportunities before considering additional projects.
Since it was founded in 2008, The County Foundation has facilitated granting of over $10 million in Prince Edward County.
