Ottawa City Council’s Affordable Housing Tax Breaks For Developers
Ottawa city council has voted to approve a plan that would give developers tax breaks for building affordable housing, no matter where in the city it goes. It was part of a slate of changes to Ottawa's "community improvement plans" or CIPs, which have sometimes been controversial. Under the plan, the city could enter into an agreement with a developer to offer grants of between $6,000 and $8,000 per affordable rental unit per year for 20 years, so long as the developer agrees to include at least 20 per cent of the units being built (minimum of five units) as "affordable", as defined by the Canada Mortgage and Housing Corporation. The units must remain affordable for at least 20 years. The grants would offset the loss of revenue from listing the units as "affordable." City staff have been directed to draft a finalized affordable housing CIP and bylaw for council approval early next year. Council also approved a recommendation to pause the community improvement plan at the Ottawa International Airport, but keep the targeted plans for Montreal Road and Orléans in place, with some changes that incentivize building more affordable housing.
Tags : community improvement plans affordable rental unit Ottawa International Airport