Housing development incentive program

The Housing Development Incentive Program encourages new rental housing development by offering a phased-in property assessment value.

Eligible properties include:

• Newly built apartment buildings with two or more units
• Existing buildings being improved or converted to add more rental units

The value for taxation of qualifying properties is phased in over three years:

• In the first year, qualifying properties are valued at 33% of their real and true value as of January 1 of that year.
• In the second year, qualifying properties are valued at 66% of their real and true value as of January 1 of that year.
• In the third year, properties are assessed at 100% of their real and true value as of January 1 of that year.

This phased-in assessment reduces costs in the early stages of development.

This program does not offer direct funding for construction.

The program is for property owners planning new construction or renovations to create additional rental units.

You can apply if your property meets these criteria:

• It is non-owner-occupied and includes at least two rental units (newly constructed or existing vacant units)
• Construction costs for improvements equal at least 20% of the assessed value before work starts
• Vacant multi-unit buildings that have been empty for at least two years before restoration
• The building permit for construction or renovation was issued to you
• Construction begins within 12 months of the building permit being issued
• You apply within 12 months of the date the building permit was issued

Applications must be submitted within 12 months from the building permit issue date.

To complete your application, you will need your:

• Property account number (PAN)
• A valid building permit issued in your name
• A detailed cost breakdown of the total project
• Details about the building’s rental units
• Floor plans for each floor of the building

For vacant properties:

• Details about the vacancy duration.

For renovations:

• Evidence of construction costs showing they meet or exceed 20% of the property's assessed value before renovations.

Your property account number (PAN) can be found on your property tax bill. You can also look it up on the Property Assessment Online website. 

You can submit your application online.

Follow these steps to apply:

1. Enter and verify your property account number (PAN)
2. Provide your contact information
3. Submit unit and building information

Once you submit your application, you will receive a confirmation email that it has been received.

Your application will be reviewed by a committee that meets quarterly.

If you are approved:

• Your property’s assessment will be adjusted starting in the next eligible tax year.
• Property assessors may periodically review properties to ensure compliance.

Any change in property use will result in a review to determine continued eligibility.

This program is not transferable to new property owners. If the property is sold before or during the program, eligibility will be reviewed, and the benefit may no longer apply.

Apply for the Housing Development Incentive Program online: