RENTAL HOUSING INCENTIVE GRANT POLICY (City of Vernon)

https://www.vernon.ca/sites/default/files/docs/building-planning/permits-applications/rental_housing_incent_grant_policy.pdf

Excerpts:
PROCEDURES 1. Applications for funding under this policy are to be submitted to the Community Infrastructure and Development Services Division and can be submitted at any time of the year.
2. The application is to be reviewed by Community Infrastructure and Development and Finance staff. Community Infrastructure and Development staff would prepare and submit a report to City Council. Council is the approving authority for all grant applications.
3. Awarded grants would form part of the year end statistics report prepared by the Community Infrastructure and Development Services Division.

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1. Rental housing grants awarded under this policy are for new private sector rental units that have been issued an Occupancy Permit. The grant is for new rental units that have not been previously occupied for a total of 90 days.
2. The grant applies to multiple family residential projects with four or more units. There can be one or more rental units. The project is to be on one fee simple property or one strata plan with at least four strata lots.
3. Each self contained dwelling unit which is the subject of a grant application is to have a habitable floor area greater than 29 sq.m.
4. The grant amount would be equal to the lesser of $4,000 per rental unit or the City development cost charge levied per unit. This would not include the Regional District of North Okanagan development cost charge levy amount.
5. The grant would not be awarded until the Occupancy Permit for the subject rental unit has been issued.
6. The grant would be awarded to the owner of the rental unit. 7. There is to be a housing agreement bylaw adopted and an associated covenant registered on the property title which governs the rental units. The housing agreement is to be for a term not less than 20 years. The agreement is to be structured so as to require the unit to be available and utilized as a rental unit. The rental unit is not to be occupied by the property owner and is therefore, not eligible for Provincial Home Owner Grant approval while the covenant is in effect.
8. The rental rate is subject to market place conditions and is not governed in the housing agreement and associated covenant. Residency conditions are not subject to a maximum household income threshold.
9. Any request to discharge the housing agreement covenant would be subject to City Council approval, repayment of the rental housing grant plus accrued interest and other conditions that Council may require.
10.The rental housing project for which the rental housing incentive grant is to apply must be registered with and must be designed and constructed to meet the SAFERhome society standards.