Sher­brooke pon­ders down­town home own­er­ship in­cen­tive plan

Sherbrooke Record - - LOCAL NEWS -

At a work­shop held on Septem­ber 11, Sher­brooke City Coun­cil dis­cussed the im­ple­men­ta­tion of a home­own­er­ship pro­gram for down­town Sher­brooke through fi­nan­cial as­sis­tance in the form of a loan, to be used as a min­i­mum down pay­ment for the pur­chase of a home. Coun­cil will take a de­ci­sion on this project at its reg­u­lar meet­ing on Septem­ber 18.

The pro­posed pro­gram is open to new home­own­ers liv­ing in de­tached, semi-de­tached, or row hous­ing units, of up to four units, con­do­mini­ums, and any hous­ing co-op. The pro­gram ap­plies to new con­struc­tions and en­vi­ron­ments al­ready built in the down­town core, as de­fined by the re­vised de­vel­op­ment and de­vel­op­ment plan.

This as­sis­tance to ac­cess a prop­erty in the down­town by the City con­sists of an in­ter­est-free loan equiv­a­lent to 10 per cent of the pur­chase price, up to a max­i­mum of $25,000. A se­cond mort­gage guar­an­tee will be filed in fa­vor of the city.

Af­ter either 20 years, the re­sale of the hous­ing unit, its re­fi­nanc­ing, or the ces­sa­tion of oc­cu­pa­tion by the owner, the loan must be re­paid (in ad­di­tion to10 per cent of the cap­i­tal gains since its ac­qui­si­tion).

"This is an as­sis­tance that we hope will serve as an in­cen­tive for fu­ture home­buy­ers to move into a grow­ing down­town area,” says Sher­brooke Mayor Bernard Sévi­gny. “We want to make it a pleas­ant, ur­ban and safe en­vi­ron­ment."

If adopted, reg­u­la­tions will come into ef­fect on Septem­ber 21. An in­for­ma­tion cam­paign will fol­low to pub­li­cize the pro­gram to the en­tire pop­u­la­tion.

Down­town Re­vi­tal­iza­tion Pro­gram in

the form of a tax credit More­over, since April 2016, the City has of­fered a tax credit pro­gram fol­low­ing ren­o­va­tion, restora­tion, trans­for­ma­tion, re­cy­cling, ex­pan­sion, or new con­struc­tion of a build­ing in the down­town sec­tor area, as de­fined by the re­vised de­vel­op­ment and de­vel­op­ment plan.

This pro­gram, which has al­ready gen­er­ated about 15 ren­o­va­tion or new con­struc­tion projects, con­sists of a tax hol­i­day of 100 per­cent for the first three years af­ter com­ple­tion of the work and 50 for the fol­low­ing two years, based on the im­prove­ments made.

For more in­for­ma­tion on this pro­gram, visit the City web­site at sher­­o­va­tion.

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