Accelerated construction project planned for Barrie with the goal of swift residential development.
lets dive into the scoop on Barrie's new housing construction support scheme!
The City of Barrie is cooking up a Development Change Deferral Program to kickstart some much-needed housing development in the city. This 12-month pilot project will streamline the process for eligible builders by allowing them to delay those pesky development charges – you know, that fee they gotta cough up before they can get a building permit.
Instead of forking over the development charges upfront, the choice is now all about deferring payments interest-free until either the house is occupied or two years after the permit is issued, whichever happens sooner. Alex Nuttall, the city's mayor, kicked off the conversation by stating, "This ain't about red taping construction; it's about getting homes built faster!"
So, what exactly are we talking about here? Well, development charges generally help cover growth-related capital expenses associated with new projects, but don't worry, we'll run through the nitty-gritty below. For now, let's keep the focus on the program's potential benefits for developers and homebuilders!
The specifics of the program, such as eligibility requirements and the application process, have yet to be unveiled. However, we can get a rough idea based on Barrie's current deferral options, which primarily support rental housing projects with a minimum of four units and institutional developments.
In case you were wondering, these deferral options are repaid in six equal annual installments with interest beginning from the issuance of an occupancy permit or first occupation. In the new program, it seems the city wants to provide even more flexibility to developers, possibly by offering more lenient payment terms.
Stay tuned for further updates on the program's specifics, as more details should be released in due time. Keep your eyes peeled on city announcements for the latest on eligibility requirements, application procedures, and more! It's going to be an exciting time for housing development in Barrie!
- The Development Change Deferral Program in Barrie specifically targets builders, allowing them to defer the development fees associated with new housing projects.
- The deferred payments under the program will only initiate interest-free accumulation once the home is occupied or two years after the permit is issued.
- Based on current deferral options in Barrie, the program seems to focus on supporting rental housing projects with a minimum of four units, as well as institutional developments.
- The city of Barrie is considering providing more flexibility to developers in the new program by offering more lenient payment terms.
