Halifax Regional Council passed a motion on Tuesday that would double its affordable housing grant program from $200,000 to $400,000.
Half of the money will be used for projects within Halifax and the other half will be used anywhere within the municipality, including suburban and rural communities.
The money is collected through its “incentive or bonus zoning program,” which basically has developers paying into an affordable housing fund in exchange for greater development rights.
The affordable housing grant program was created on Sept. 30, 2020, to allow eligible registered non-profit or charitable organizations to develop or renovate affordable housing units targeted to households of low to moderate income.
The money is expected to flow early in 2022, but according to a report, a permanent funding source and program will need to be created if regional council wishes to extend the program beyond this fiscal year.
Staff are currently considering the development of an interim bonus zoning program for areas outside of the regional centre. Once the program is established, it will create a new revenue source.