Applications open for new downtown residential housing tax credits
Developers interested in creating new downtown residential-housing units can apply today for a new round of city-provincial tax credits.
In June, city council approved a new downtown-housing incentive program to piggy-back on a fully subscribed, $40-million city-provincial grant program that helped build approximately 1,300 units, most of them condominiums.
The new program won't offer grants up front, but will allow developers of pre-approved projects to receive a rebate of any property-tax increase that results from the improvements to their land or buildings.
The new incentive program is aimed at stimulating the creation of 750 to 900 rental-apartment units. It offers developers a de-facto property tax freeze for a minimum of 12 years for constructing rental units in specific areas of the downtown.......
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