Potential solutions to affordable housing will be on the agenda at Thursday’s Committee of the Whole meeting in Prince Edward County.
Council will discuss a staff report recommending ways to encourage development of secondary suites for long-term rent at affordable prices.
One of those solutions includes an incentive program offering non-repayable loans to homeowners who build secondary suites in their homes for long-term rentals.
The staff report cites a Leeds and Grenville program that offers forgivable interest-free loans of up to $25,000 for people who build secondary suites in or on their property.
In return, the landlord would rent the new suite at 20% below market price.
The loan would have to be repaid if the property is sold within 15 years.
The report also suggests the County offer some marketing and communications support to promote some similar provincial programs to encourage the establishment of more rental units.
