The city has put together a detailed plan to help boost the housing stock in Sault Ste. Marie by offering grants to developers.
The proposed financial incentives are laid out in a draft Housing Community Improvement Plan (CIP), which can be found HERE.
The proposed incentives include:
— grants of up to $160,000 for small-scale affordable rental dwellings up to four units (to be eligible for the grant, the units must remain "affordable" for at least 20 years)
— grants to reimburse a certain portion of municipal taxes on new dwellings greater than five units
— feasibility study grants to assess the feasibility of building "missing middle" housing on property that owned by a not-for-profit agency
As SooToday has previously reported, the city estimates it will need more than 3,100 new housing units by 2036 to accommodate an anticipated population growth of 8,400 people.
“Like many municipalities across Canada and in Ontario, Sault Ste. Marie faces a critical challenge in ensuring an adequate supply of affordable housing,” reads a news release from City Hall, annoucing the draft plan. “The CIP is designed to provide incentives to those who create new affordable housing units and commit to maintaining affordability for at least 20 years.”
The city is asking residents to review the draft CIP and share their insights to help refine the plan before it is presented to city council later this summer.
The full draft report can be found HERE. You can provide input to the city HERE.