Prince Edward County council has voted to temporarily waive property taxes on three properties in Picton in order to encourage affordable housing development.
During Tuesday’s council meeting, councillors discussed a report from staff on three housing development projects, and a proposal to declare them as Municipal Capital Facilities, which would not need municipal property taxes to be paid.
In order to qualify for the tax exemption, the owner must set aside a number of units on the property to be rented at a rate that meets the municipal definition of affordable, and be guaranteed to remain affordable for 20 years. The property taxes are waived during this period.
The properties to receive the designation are 30 Disraeli street, 1133 County Road 5, and a property described as located on the west side of Nicholas Street near Cumberland Street. Each of the property owners entered into agreements with the municipality to guarantee affordable housing on the land for the required time.
Councillor Phil St-Jean congratulated municipal staff for their part in preparing agreements with the developers to get the affordable units included in their plans.
“This is a 20-year guarantee of the provision of 75 affordable units. I think this is a huge milestone for this community,” said Councillor St-Jean. “We are finally, with this, going to be able to create truly affordable housing.”
One other property has previously received this designation – the rental housing project by the Prince Edward County Affordable Housing Corporation at 230 Niles Street in Wellington.