To be eligible for this grant, a project must:
- Be a new development project that begins construction in 2021
- Have a construction value of $10 million or more, and provide 50 or more net new housing units
- Be constructed in the Centre City area, as identified in the program map
- Have an approved development permit before applying
- Have applicants declare financial need and certify that the program changed their decision to proceed with development.
Projects taking advantage of this program will not be eligible to participate in other City development incentive grant programs, including the Development Incentive Program and the Brownfield Redevelopment Grant Program. These programs serve different, but related purposes.
Successful applicants will effectively receive no municipal tax increases for a period of five years (2022-2026). Each year, a grant payment will be made that is equivalent to the increase in municipal taxes over the 2021 ‘baseline’ taxes paid. The education portion of property taxes will not be offset by the grant program.