Request for Proposal: Tax Policy Incentives for the Acquisition of Purpose Built Rental HousingPosted
Housing affordability and homelessness are critical issues affecting communities throughout the province of BC. Adding to affordability pressures within many of BC’s communities is a persistent erosion of the low-income housing stock, and particularly older purpose-built rental buildings. This rental stock offers a crucial affordable housing supply for low- and moderate-income earners, immigrant and refugee communities, single mothers, and other marginalized groups and is increasingly being demolished or redeveloped to house higher-income households. The erosion of this stock in BC has been notable, with small-scale rental buildings constructed before 1970 decreasing from 83,000 units in 2011 to 81,900 units in 2016, a 1.4 percent reduction.
BCNPHA and BC Housing are seeking to commission a piece of research that would examine a new vendor tax credit aimed at minimizing the sizeable tax liabilities that owners of small- and mid-size purpose-built rental buildings face on sale of the asset, if the sale is directed toward a non-profit or co-operative entity. In addition to developing a proposal for the vendor tax credit, the proposed work would examine other relevant federal, provincial, and municipal tax exemptions aimed at reducing costs for non-profit and co-operatives to obtain aging purpose-built rental. Finally, the study will model the incentive schemes using pro forma analysis, showing their potential impact on preserving affordable housing supply, as well as provide recommendations for further action.
For more information about the proposal submissions, download full PDF.
Proposals must be received no later than 11:59pm, Pacific Standard Time, July 5th, 2019.
Proposal submissions and questions may be directed via email to:
Brian Clifford, Policy ManagerBack to News