In response to the urgent housing crisis, the Surrey Board of Trade is urging the City of Surrey to be a leader and take decisive action to promote affordable housing. A new bylaw to waive development cost charges (DCCs) for non-profit developers constructing below-market rental buildings is one such example. DCCs are fees levied by municipalities on new developments to fund essential infrastructure.
“The City of Surrey currently charges non-profit developers the same amount as they would charge for-profit developers,” said Anita Huberman, President & CEO, Surrey Board of Trade. “The waiver should apply to non-profit developers, reducing their financial burden and encouraging the construction of more affordable rental properties.”
Benefits
This initiative offers numerous advantages:
Lower Costs: Non -profit developers will face reduced financial barriers, making affordable housing projects more viable.
Increased Supply: More affordable housing units can be built to meet the growing demand.
Improved Affordability: Stabilizing or reducing rental prices benefits individuals and families seeking affordable housing.
Social and Economic Benefits: Affordable housing stabilizes communities, fosters economic growth, and reduces government costs.
Community Involvement: Encourages local organizations to contribute to solving the housing crisis.
Long-Term Planning: Incentivizes sustainable and well-maintained affordable housing.
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Anita Huberman, 604-634-0342, anita@businessinsurrey.com
