Rehabilitation and Redevelopment Tax Grant
No fixed amount
Grant
Description:
The Rehabilitation and Redevelopment Tax Grant refunds a portion of the municipal tax increase resulting from the rehabilitation of an existing building or the construction of a new one. A percentage of this tax increase is refunded to the property owner annually for a 10-year period.
Comments on Funding:
There is no maximum grant amount for this program. The total grant value is determined by the MPAC re-assessment of the redeveloped property. The grant amount will vary depending on the project and will decrease over the 10-year payback period. It is based on the increase in the municipal portion of property taxes directly resulting from the eligible project.
Continuous Intake
Eligibility:
Applicants must meet the following conditions:
1. The applicant must be the registered property owner or an authorized agent.
2. The application must be approved before work begins.
3. The application must be submitted before or at the same time as the building permit application.
4. The property owner must maintain at least 10% equity in the property after the improvement.
5. City of London property taxes must be paid in full when the grant is issued and remain current for the duration of the grant.
6. The property owner must have no outstanding debts to the City of London.
7. The property must be located within the Downtown, Old East Village, or SoHo Community Improvement Project Area.
8. The annual grant cannot exceed the municipal portion of the property tax collected for the property in any given year.
Application Steps:
Applicants must contact City Staff at 519-930-3500 or email CIPincentives@london.ca.
Documentation Needed:
No specific documentation has been identified
Other Things to Note:
About the author
Maurice
