In the hope of attracting new non-market lower-cost housing developments and supporting existing non-market housing projects, Saanich council has endorsed a new tax exemption policy.
The policy, which some councillors noted formalizes existing practices, will only apply to non-profit organizations that provide rental housing and have the provision of non-market-priced housing as a part of their mandate. New non-market-priced rental projects, which may include redevelopments of existing sites, will be eligible for a five-year exemption for both land and improvements.
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