The Urban Residential Development Grant is intended to encourage residential and Mixed-Use development in the Downtown. Infill development and redevelopment within the program area is eligible for incentive grants of $10,000 per Dwelling Unit for apartment buildings and $15,000 per Dwelling Unit for Mixed-Use Apartment Buildings located within the Downtown Incentives Program Boundary. Minimum Dwelling units are required as per Land Use Bylaw C-1260.
In addition to the per unit grant, residential projects are eligible for two other funding opportunities. Applicable projects may qualify for a three year tax deferral. The tax deferral applies to the municipal portion of the Incremental Assessment Value and needs to be approved each year by Council. Projects may also receive a grant to cover half of the cost of upsizing water and wastewater connections to a maximum of $50,000.