The Town of Bonnyville’s housing incentive program had its first local success.
Blocha Contracting Ltd. is the first local company to take advantage of the single-family home builders’ incentive, which gives $25,000 to single-family home builders for each new home they build.
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“This is what economic development in action looks like,” said Mayor Elisa Brosseau. “Supporting a local contractor through our incentive program shows the Town is committed to creating real opportunities for growth.”
The housing incentive program has a maximum budget of $500,000 on a first-come first-served basis. Council will review it each budget session.
Council created the housing incentive, along with the single-family new homeowners and multi-family dwelling incentive programs, to encourage growth and investment in the town.
New homeowners buying newly-built single-family home will benefit from property tax reductions. They’ll see 100 per cent reduction in the first three years, 75 per cent in year four and 50 per cent in year five.
For multi-family dwellings, builders will receive $10,000 per unit built.
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