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City to Offer Discounted Land to Affordable Housing Developers
Fredericton December 10, 2007 -City Council is offering developers a big discount on the purchase of City-owned surplus property if they include affordable housing units in their construction plans.
"There's a growing need for affordable housing in Fredericton," said Councillor Mike O'Brien, chair of the City's ad Hoc Committee on Affordable Housing. "This new policy will hopefully interest developers enough so that they include this type of housing in their future construction plans."
The idea was originally presented at the Development Committee meeting held on November 20. The committee liked the idea and forwarded it to the full City Council to formally authorize the discount.
The City is drawing up a list of its properties deemed suitable for affordable housing. For every eight housing units developed on these properties, two must be designated for affordable housing. In return, developers will get a per unit discount of 50 per cent on the cost of the land for each of the two affordable units.
Council also directed City staff to work in partnership with the Provincial Department of Family and Community Services to explore other innovative ways to increase construction of affordable housing in Fredericton including the development of other new cost-shared housing policies.
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Media Contact: John White, Communications, City of Fredericton (506) 460-2227.
