File Photo (Image Credit: CFJC Today)

By James Peters

Rental Housing

Kamloops council to consider broad tax breaks for new rental housing

Apr 19, 2024 | 3:51 PM

KAMLOOPS — Kamloops council is being asked to expand its revitalization tax exemption program.

At its regular meeting next Tuesday (Apr. 23), council will receive a report through its Economic Health Select Committee on ways to encourage more construction of purpose-built rental housing.

The committee asked staff to review whether exemptions to development cost charges (DCCs) or property taxes would have the desired impact.

In his report, Community Planning Manager Stephen Bentley says the city doesn’t have the staff or money to support creating an exemption to DCCs for new for-profit rental housing. He notes the city is already strained to pay for the DCC waivers that not-for-profit rental housing builders receive.

However, Bentley argues the city could support a ten-year property tax exemption for newly-built rental housing if it confines the program to certain areas of the city.

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The City of Kamloops already offers property tax exemptions on new builds within the downtown core and Tranquille corridor.

The recommended plan would cost the city about $520,000 annually.

Bentley’s report can be read here.