A new tax assistance grant program will provide some financial stability for those constructing multi-family rental complexes primarily in downtown Altona, according to Mayor Al Friesen.
The incentive, passed by Council earlier this month, will ensure municipal taxes on these projects, as well as under-utilized properties converted to rental units, will remain the same for three years.
"It's not a huge amount, but what it is is stability," said Friesen. "We hear from developers that the way building materials and all of that have spiked over the past couple of years, that this is one way to provide perhaps some sort of encouragement or recognition that it's important to try to provide some consistency in costs."
Among the eligibility requirements is that the multi-family residential buildings contain more than four dwelling units that are classified as Residential 2 as per the Manitoba Municipal Assessment Act. Condominium buildings are not eligible. Construction must also be completed by December 31, 2024.
Friesen is hopeful the program will help address some of the infill, or empty lot, areas that are primarily located in the downtown core.
"Communities, many times, look for ways to ensure the downtown is vibrant and full, and this would be one step towards that process," he added.
"It's part of ongoing discussions that we have with developers. It doesn't solve all their problems or issues, but hopefully, it communicates that the Town is looking for partnerships and exploring ways in which we can encourage the development that takes place, and sometimes it's more targeted and this is one of those particular instances," said Friesen.
Click for more information on the Town of Altona's Multi-Family Residential Tax Assistance Grant Program.
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