On June 24th, Waterloo council voted unanimously to approve the city’s Affordable Housing Property Tax Exemption Program, extending a regional program which was approved earlier this year. After the vote, Waterloo Mayor Doroty McCabe said the program “will make a real difference in our community”.
The program exempts owners of affordable housing units from paying property taxes on the properties, provided that at least 30% of the units in a building are affordable, and that the affordable rents must be provided for a term of 60 years, or the remaining useful life of the building.
This show features clips from the June 24th council meeting, primarily of the single delegate, Sean Campbell the executive director of Union Co-op, an organisation which operates two buildings in Kitchener with affordable units. Campbell supports the new by-law, noting it would make it easier to bring more buildings into community ownership and provide even more “permanent affordability”.
