| | | would result in a reassessment of the properties. | year seven, 40% in year eight, 20% in year nine and with the owner paying the full amount of taxes in year ten. | |
| In the case of ownership housing: - Housing for which the purchase price results in annual accommodation costs which do not exceed 30 percent of gross annual household income for low to moderate income households. Annual household income will be based upon the most recent Census of Canada statistics for the City of Barrie which is updated every five years.
In the case of rental housing: - A unit for which the rent does not exceed 30 percent of gross annual household income for low to moderate income households. Annual household income will be based upon the most recent Census of Canada statistics for the City of Barrie which is updated every five years.
Low to moderate income: means households with an annual household income in the lowest 40th percentiles. | Affordable Housing Development Program Incentives | Where an application is approved under the Affordable Housing Development Grant program, assistance will be in the form of a grant for: -
Eligible Planning Act application fees -
Eligible Building Permit fees -
Tax increment based funding for the incremental tax increase paid back over a five year period, except where the properties are exempt from taxes Applicable Development Charges. | -
a) Emergency Housing, Transitional Housing, Social Housing and Purpose-built Rental Housing: a payment equalling 100% of the DCs based on the percentage of affordable units within the development. Purpose-built rental not offered as affordable units, will qualify for 25% of the DCs to a maximum of $250,000 for the project provided the units are offered and kept at a rate geared not to exceed 30% of gross annual household income for 60th income percentile households. All projects are eligible for 100% of the building permit fees and planning application fees for the entire residential project. -
b) Affordable home ownership offered by Not-For-Profit service providers, charitable service providers offering a sweat-equity type of ownership model, or other innovative partnerships or models which offer affordable home ownership units within the development and which have processes and/or mechanisms in place to ensure the continued affordability of the unit for a specified period of time. The value of the grant for this form of affordable housing would be the same as for a) above with the building permit fees portion of the grant based on only the units that are affordable. | |