City of Regina may reinstate tax exemption for non-profit homes
Some non-profit housing providers in Regina may be getting back a tax exemption that the city suspended in 2019.
The Affordable Home Ownership Capital Grant & Tax Exemption program — under the housing incentives policy — was expected to be suspended until the end of 2020 but the city will be discussing the suspension at the Mayor's Housing Commission meeting on Jan. 20 at 4 p.m. CST.
The tax exemption was created to help increase the number of homes on the market but home prices slumped in Regina by 4.6 per cent due to an oversupply in 2019, according to the the Canadian Real Estate Association.
Early in 2019, the city suspended the tax exemption for one year, with the option to review if the exemption was necessary at a later date.
Pending a discussion Monday, the suspension may no longer apply to non-profit housing providers in new and developing neighbourhoods, including Uplands, Sherwood Park, Prairie View, Dewdney East and Arcola East.
The city says this is because non-profit housing providers have proven they can complete affordable homes with an immediate rebate as long as they have entered a legal agreement with the city.
The city also noted there are other incentives to build a home, including the National Housing Co-Investment Fund launched in November 2017 and the Canadian Mortgage and Housing Corporation's First Time Home Buyer Incentive program.
