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Affordable Housing: The proposed development is for purpose-built rental units, affordable rental housing units along the housing continuum, with greater than three units, or contains a minimum of 25% affordable units of the total number of residential units proposed in an ownership project.

Additional

Affordable

Residential Units

Incentives (Per

Door Grant)

To jump-start affordable housing in locations that best serve the needs of the community, especially those proposed developments geared to the low and low to moderate income households, a grant of $10 per square foot of newly created affordable housing residential space to a maximum of $20,000 per affordable dwelling unit, whichever is lesser may be applied for as part of the overall incentives under the Affordable Housing Development Grant Program.

- The maximum amount of incentive provided under this aspect of the program to any approved eligible property will not exceed $200,000.

No definition provided.

Rental Housing

Tax Increment

Equivalent Grant

The Rental Housing Tax Increment Equivalent Grant Program will provide a grant to property owners who undertake the development or redevelopment of properties that result in a reassessment.

- Grants are equal to a percentage of the municipal tax increment on a declining rate basis for a maximum 3 year period. When an approved project is complete, a grant will be paid annually by the City to the eligible applicant following the full payment of property taxes. In year one, the grant to the approved applicant may equal 75% percent of the incremented taxes for the subject property. (year 1 = 75%; year 2 = 50%; year 3 =25%)

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A significant total project investment is required, creating a minimum of four new rental units.

Assisted Living Facilities

The grants also support the inclusion of assisted living facilities and encourage developments that exceed the minimum requirements for barrier free designs.

- Projects that provide facilities that contribute to an improved assisted living environment or exceed the minimum number of barrier free units required under the Ontario Building Code will be eligible for one additional year of incentive of up to 75% tax grant.