City working to help increase the supply of rental housing - City working to help increase the supply of rental housing
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null City working to help increase the supply of rental housing
May 29, 2018 -
The City of Kingston was selected to participate in the Ontario Ministry of Housing's Development Charges Rebate Program. This funding will allow the City to provide rebates on development charges to eligible projects to stimulate the creation of more rental housing. Although the availability of this program is subject to funding confirmation from the Government of Ontario following the provincial election on June 7, the City is preparing by requesting Expressions of Interest.
"Kingston has the lowest vacancy rate in Ontario making it difficult to secure affordable rental housing. This is something the City is actively working to address and these funds can support our efforts by creating an incentive to create more purpose-built rental housing in our community," says Paige Agnew, director of planning, building and licensing services.
Learn more about the Development Charges Rebate Program at a drop-in information open house on Wednesday, June 6 from 3 to 4:30 p.m. and 6 to 7:30 p.m. at the INVISTA Centre, meeting room C. For more information on how to apply visit the City's website at www.CityofKingston.ca/DevelopmentChargesRebate.
"More rental housing means more options to help make it easier for families and individuals to find the housing they need," says Mayor Bryan Paterson. "This program encourages the creation of long-term rental housing units as well as building greater accessibility, livability and walkability to transit and other services."
The City anticipates distributing the Provincial funds by seeking Expressions of Interest from applicants which close June 25. Applications for the funding must demonstrate that:
- the units will remain as rental units for a minimum of 20 years and
- initial rents are no more than 125 per cent of the average market rent in Kingston.
Units that meet this minimum affordability criteria may be eligible for additional rebates if they are: located in close to an Express Route transit stop; offer accessible units (beyond the Ontario Building Code requirement); or meet enhanced emissions targets.
Earlier this year the Ministry invited 84 single and lower-tier municipalities across Ontario, which were identified as being in need of rental housing, to submit an Expression of Interest to participate in the Development Charges Rebate program.
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About the City of Kingston
Kingston's vision of being a smart, livable 21st century city is fast becoming reality. History and innovation thrive in our dynamic city located along the beautiful shores of Lake Ontario, an easy drive from Toronto, Ottawa and Montreal, in the heart of eastern Ontario. With a stable and diversified economy that includes global corporations, innovative startups and all levels of government, Kingston's high quality of life offers access to world-class education and research institutions, advanced healthcare facilities, affordable living and vibrant entertainment and tourism activities.
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