The City of New Westminster is attempting to make it more affordable for developers to build affordable housing.
Council supports an amendment to the building bylaw that will provide a 50 per cent reduction in building permit fees for medium-and long-term secured market rental developments and not-for-profit affordable housing developments.
"Staff estimates that one or two secured market rental housing developments may be approved within one year. It is estimated that the reduction in building permit revenues for rental projects would be in the order of $30,000 to $50,000 per project for new buildings and $5,000 for small additions," stated a staff report. "It is expected that due to the very few not-for-profit projects that are funded by senior levels of government, the city may approve one project every few years. It is estimated that the reduction in building permit fees for not-for-profit housing developments may be in the order of $10,000 to $20,000 every few years."
By Theresa McManus, staff reporter
