Prince Edward County has received an award from the Government Finance Officers Association for its novel approach to financing new housing development.
County staff, led by CAO Marcia Wallace, convinced council to approve an “upfront financing agreement” with developers that essentially had the builders pay development charges at the draft subdivision approval stage instead of at a later time when actual building permits are issued.
The move allows the municipality to afford the new infrastructure necessary to service the new development without having to finance the work.
Upfront financing with developers has been used for housing in larger cities but never in a smaller rural community.
