• Up to $5,000 per unit of non-profit affordable rental housing;
• Up to $2,500 per unit of affordable rental housing that does not involve a non-profit society

In addition $120,000 has been budgeted for waiving a portion of the applicable Development Cost Charges for eligible units of non-profit rental housing.

In order to be considered for affordable rental housing grants and/or partial waiving of DCCs, the City requires the following:

1. A letter of application to be received no later than December 24th, 2008;
2. Units to be identified for funding must qualify under the City’s definition of affordable rental housing or non-profit affordable rental housing;
3. Units eligible for funding must be secured by entering into a housing agreement with the City;
4. Written confirmation of other funding sources will be required for non-profit affordable rental housing;
5. Dwellings qualifying for funding must be reasonably expected to be constructed in 2009;

Funding allocations will be identified and confirmed in writing by the City. Grants will be applied at the building permit stage as a deduction from the applicable costs.