The City of Summerside is making changes to its affordable housing incentive program in the wake of a review, and is highlighting exactly what developers who build affordable housing in the city can expect.
Council voted unanimously to make changes to the program on Monday night.
“It’s something the city does in order to promote the development of affordable housing in our community,” said Summerside Mayor Dan Kutcher.
“The goal here is to try to encourage the development of affordable housing in our community.”
Developers who build affordable housing units in the city can expect a property tax rebate starting at 90 per cent and falling to 30 per cent over 10 years from the date the building is occupied.
Property tax rebate:
- Year 1 and 2 = 90%
- Year 3 and 4 = 75%
- Year 5 and 6 = 60%
- Year 7 and 8 = 45%
- Year 9 and 10 = 30%
“One of the most important things is to be … clear,” said Kutcher.
“Anyone developing or in business has to know ‘what is it going to cost me, or where I can make some cost saving to get these projects done.'”
