HOT Incentive Program: to increase Multiple-Family Residential Units in the Heart of Our Town
The lack of multiple-family residential housing in the CG Commercial General Zone has been identified as an issue with the Council of the Town of Stonewall. This is a barrier to attracting people to live in the Town. This shortfall is not only seen as a barrier to retaining and attracting people to Stonewall but also as a potential economic development opportunity.
The Town has therefore created an incentive program to increase the number of Multiple-Family Residential Units in the CG Commercial General Zone. HOTI will provide development incentives to encourage the construction and operation of multiple-family residential developments. New and expanded multiple-family residential developments will be eligible to apply for a HOTI grant.
Subject to the criteria set out below, a $5000 grant ("Grant”) will be awarded on a per unit basis and paid in one installment.
1."Multiple-family housing” means any formation of multiple-family residential development and may be a rental or condominium development.
2.The Grant is for new previously unoccupied units in multiple-family housing. An owner who constructs new multiple-family housing with four or more units or adds four or more units to existing multiple-family housing is eligible to apply for the Grant for each resulting unit ("eligible unit”).
3.The Grant will be awarded to the owner of the multiple-family housing in which the eligible unit is located determined as of the date of the owner’s application for the Grant. The owner will be eligible for the Grant even if the owner no longer owns the multiple-family housing or eligible unit as of the date the Grant is payable.
4.The Grant for each eligible unit will be made after issuance of the occupancy permit for the multiple-family housing.
5.The terms to be met by an owner to be eligible for the Grant will be set out in an agreement between the Town and the applicant ("Agreement”).
6.The Grant will not be awarded retroactively for multiple-family housing projects that have already been issued a building permit as of the date of the adoption of this policy, including permits that were cancelled or were lapsed as of that date and reapplied for in an effort to receive the Grant.
7.Property taxes for the multiple-family housing must be up to date and in good standing. The multiple-family housing must be in compliance with the Town’s by-laws and any development agreements and conditional use orders applicable to the development.
8.No owner may occupy an eligible unit.
9.An owner cannot receive the Grant and a grant under SPRUCE (the Stonewall Program for Rental Unit Construction and Expansion).
10.Payment of the Grant is subject to annual budget approval by Council.
1.Owners may submit applications for a Grant to the Chief Administrative Officer in a form prescribed by the Town. Applications can be submitted at any time of the year. Applications must include:
a.a copy of the current certificate of title for the property containing the eligible unit(s),
b.a copy of the occupancy permit for multiple-family housing project, and
c.the Agreement, signed by the owner.
2.The Chief Administrative Officer will review all Grant applications and prepare and submit a report to Council. Council is the approving authority for all Grant applications.
3.If Council awards a Grant to an owner, provided the owner is in compliance with all requirements of this policy and the Agreement, the Town will pay the Grant.
HOTI is a 3-year program ("term”). Applications for a Grant will be accepted from January 1, 2021 to December 31, 2023. Council will review HOTI before the end of the term and may extend the term and/or change any criteria, procedure or aspect of the HOTI. Even if the term is not extended, the Town will pay the Grant in accordance with this policy for any multiple-family housing projects already approved under HOTI.