Urban Development Incentive Programs
A new suite of Urban Development Incentive Programs are available for the Central Peninsula area of Saint John that targets the redevelopment of vacant spaces for new residential development. The Central Peninsula includes the South End, Uptown and Waterloo Village, and is considered the employment and cultural hub of the City of Saint John and its surrounding communities. The Urban Development Incentives Suite of Programs includes three separate grant programs that address specific challenges of building in the historic urban centre of the City. Each program has a series of grants that facilitate reinvestment in the urban core.
The Urban Development Incentives are strategically structured to reduce financial barriers to development, and leverage new private sector investment. The main grant offered through the Urban Development Incentives Policy will rebate 5.25% of the cost of construction for approved projects over the course of five years. These projects may be eligible for two other complementary grants: the Construction Challenges Grant and the Building Permit Rebate Grant.
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