Residential Development Charges Grant
No fixed amount
Grant
Description:
The Residential Development Charges Grant program is designed to encourage private sector investment in residential property development in the Downtown and Old East Village areas. A grant, equal to a rebate of residential Development Charges (DCs), is offered for each new residential unit constructed.
Comments on Funding:
The maximum grant amount per property is equal to the net residential DCs paid. The program reimburses a portion of the residential DCs paid by the applicant over a 10-year period, until 100% of the residential DCs have been refunded.
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 any 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. The property owner must have no outstanding debts to the City of London.
6. The property must be located within the Downtown or Old East Village Community Improvement Project Areas.
7. Applicants who choose to pay development charges over 21 annual installments are not eligible for this grant program.
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
