Lanark County will be introducing another incentive program in hopes to encourage developers to build affordable units.
The county will repay the annual property tax on affordable units to developers each year through an operating grant for 15 years.
Director of Social Services Emily Hollington goes over which types of builds would qualify.
Councillor Toby Randell agrees the new program won’t bring on a new gold rush of interest from developers, but it does move the needle.
In 2024, affordable housing rental rates for Lanark County are as follows:
- Bachelor Unit: $1331/month
- 1-bedroom Unit: $1331/month
- 2-bedroom Unit: $1466/month
- 3-bedroom Unit and larger: $1685/month
Story by Grant Deme
