TORONTO — The Ontario government has announced a new program to rebate development charges on new, purpose-built rental housing as a means of encouraging new construction in that sector.
Minister of Housing Peter Milczyn made the announcement last month, a media statement said. He indicated the province will rebate up to $125 million in development charges over five years for priority purpose-built rental developments in municipalities with low vacancy rates or high tenant populations, where affordable rentals are hard to find.
The policy is also intended to “encourage and help to build complete communities that are accessible, livable, walkable, and close to transit and other services,” the statement indicated.
The rebate program is one of 16 initiatives contained in Ontario’s previously announced Fair Housing Plan.
Municipalities collect development charges to help pay for infrastructure associated with new development, the statement explained. The Ministry of Housing said only six per cent of housing built in the last two decades was market rental.
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