Grey County has approved a tax exemption for an Attainable Housing Project set to be built in the Town of Hanover.
The development at 651 23rd Avenue is set to be the first to receive Grey County’s Community Improvement Plan Tax grant as it received approval at a recent Committee of the Whole Meeting.
The project would see 142 housing units built in total; over two-buildings with each building having 6 stories.
The property is also applying for the Tax Increment Equivalent Grant which aims at revitalization and improvement of housing in the County.
It would mean that property tax increases due to the increased assessment would be phased in over 10 years.
In Hanover the program is condensed down to 5 years with eligible costs limited to 50% or a set maximum as determined by Council.
The applicant is going for the grant maximum $525,000 per building over the 5-year period with them estimated $60 million dollars will be invested in the project over 2 phases.
County Council approved their portion of the tax break to a total of $216,000 per building over the 5-year timeline.
