Efforts designed to accelerate the construction of affordable rental units in Waterloo region earned the approval of regional council last night after winning unanimous support at the committee level earlier this month.
One of the biggest incentives are new property tax rules that will exempt the owners of affordable units, and new developers from paying property taxes.
The region considers units that offer rent at 80 per cent of market value as affordable.
The region says the Property Tax Exemption for Affordable Housing Program will begin taking applications later this year, with tax exemptions starting in 2025.
The program aims to maintain existing affordable housing and support property buyers who are committed to offering affordable rents.
In addition to that measure, council has directed staff to explore several new ways to protect and increase affordable rental units in Waterloo region.
The directives include creating a new program to help fund groups, such as not-for-profits, cooperatives, and Indigenous housing providers, to buy existing affordable rental housing and preserve them as long-term affordable housing.
Staff will also explore a “right of first refusal policy” that would allow municipal governments to buy properties with affordable rent by matching an offer from a private buyer.
The region intends to work with area municipalities to identify where affordable housing can be preserved, and where we could strategically acquire more affordable housing, identify gaps and find solutions to support tenants affected by renovation, conversion, and demolition, and request federal and provincial government programs to help acquire or convert properties into new affordable and supportive homes.
A report detailing staff findings from those investigations will return to regional council for more consideration later this year.
