The CIP has 17 incentive programs designed to encourage developers to develop affordable housing throughout the city.
It features a variety of rebates, from development charges to building permits, as well as cancellations of fees.
“The first intake will be in the spring of 2021 and I’d like to see our development partners given the opportunity to be in a position to be actually shovel ready by that time if at all possible.”
Glenn May-Anderson of Habitat for Humanity questioned the use of the province’s definitions of “affordable.”
He noted that average market rents covered what existing rents were and potentially ignored what the actual price really is.
Tax Increment Equivalent Rebate, known as TIER is expected to be popular.
Developers receive partial tax rebates to help cover incremental tax increases that result from improvements.
Kathryn Brown, who is also chair of the Downtown District Improvement Area, said TIER would be well received, as would plans to continue with façade improvement programs.
Councillor Ryan Williams referred to the ideas surrounding allowing ground level housing units behind storefronts downtown… “incentivizing that type of rental unit, take a look at financial modelling for CIP, where the city’s resources are focused.”
The committee decided to have the draft plan ready to go to council at its December meeting December 14th.