The Regional Municipality Of York

    >>

Complete Communities attract business and housing



Council approves financial incentives to promote affordable purpose-built rental housing and large office development

Newmarket – York Regional Council has approved two targeted development charge deferral programs to encourage more affordable rental housings and new office development across the Region.

“Major office development is vital to York Region’s overall competitiveness and fiscal sustainability. Building complete communities that offer robust employment and housing options will attract both growth and investment to our cities and towns,” said York Region Chairman and CEO Wayne Emmerson. “Providing financial incentives to encourage this growth reconfirms Council’s commitment to creating vibrant and sustainable city centres where people and businesses can thrive for generations to come.”

These new incentive programs support the Region’s city-building initiatives aimed at promoting complete communities close to transit. This includes developing long-term employment opportunities for the labour force and different types of affordable housing options that support residents to work and live within the boundaries of the community.

The new incentives are intended to increase the supply of affordable rental options and provide office space for York Region’s growing knowledge-based economy. New longer-term, interest free, incentives include:

Five-year deferrals:

10-year deferrals:

15-year deferrals:

20-year deferrals:

The new three-year office incentive pilot project is available to 1.5 million square feet of office space and the new affordable rental incentive program is available to 1,500 housing units over the next three years.

“Inclusive and accessible communities provide more affordable housing options and deliver more jobs to our residents,” said City of Markham Regional Councillor Jim Jones, Chair of Planning and Economic Development. “By taking steps to facilitate development in our city centres we are helping to build the kind of communities that supports residents at all ages and stages.”

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to 1.2 million residents and 52,000 businesses with over 636,600 employees. More information about the Region’s key service areas is available at york.ca/regionalservices


- 30 -

Media Contact:
Kylie-Anne Doerner, Corporate Communications, The Regional Municipality of York
Phone: 1-877-464-9675 ext. 71232 or Cell: 905-716-6035
kylie-anne.doerner@york.ca


Complete communities; York Region; business The Regional Municipality of York en-US Media Release