Affordable Rental Housing Community Improvement Plan
The City of Welland is committed to encouraging the development of affordable housing in the community. The Affordable Rental Housing CIP consists of a series of financial incentive programs to private property owners and non-profit housing providers interested in developing affordable housing.
1) Tax Increment Grant
An annual grant ranging from 60 per cent to 80 per cent of the increase in annual property taxes, dependant on the net percentage of affordable units developed for a duration of 10 years. An eligible project must create at least 5 new affordable rental units and a minimum 30 per cent of the total residential units built must be affordable units.
2) Affordable Housing Study Grant
A grant equal to 50 per cent of the cost of studies or plans up to a maximum of $7,500 undertaken to establish the feasibility of including at least 30 per cent affordable rental housing units and/or incorporating building materials or systems that reduce life cycle costs.
3) Affordable Residential Forgivable Loan
A forgivable loan acts the same as an upfront one time grant. No repayment of the loan is required for the duration of the agreement and upon successful satisfactory completion of the program criteria the loan shall be forgiven.
The forgivable will cover up to 70 per cent of eligible project cost up to a maximum:
a. $20,000 per affordable dwelling unit;
b. two (2) affordable dwelling units per property; and,
c. total loan of $35,000 per property
4) Extended Benefits Grant
A program supporting the provision of rents as deeply as 20 per cent to 60 per cent of Average Market Rent (AMR), through grants of:
a. A maximum $6,000 per affordable rental unit per year
b. for up to 10 units per property
c. for a period of five (5) years
5) Municipal Fees Grant
A grant of up to 100% of fees paid on eligible planning and building applications required for development.
6) Affordable Housing Reserve Fund
The City maintains an annual reserve fund to assist affordable housing projects that require funding beyond what is made available under the City’s Community Improvement Plans.
7) Special Land Program
Non-profit developers looking to produce affordable housing on a surplus City owned land may be eligible to receive a low cost long term lease on that land subject to Council approval.
