Overview

The Housing Development Incentive Program consists of phasing-in assessment values on newly constructed apartment buildings with two or more units and existing buildings being refurbished to add more rental units.

The program is for developers and builders of multi-family dwellings aimed at the creation of additional rental units within the province of New Brunswick.

Eligibility

Qualifying properties need to meet the following eligibility criteria:

1. The property must be non-owner-occupied and include at least two rental units (newly constructed or vacant existing).

2. Construction costs for existing buildings being converted into multi-unit buildings or adding units must equal at least 20 per cent of the property’s assessed value before work begins.

3. Vacant multi-unit buildings being restored must have been vacant for at least two years.

4. A building permit must be issued on or after Jan. 1, 2022, with construction beginning no later than Dec. 31 of the year the permit was issued.

Description

This program will phase-in over three years the Real and True value for qualifying real property (or portion(s) of qualifying real property) at 33 per cent in the first year following the base year, 66 per cent in the second year and 100 per cent of the third year.

“Base year” is defined as the year the building permit is issued and construction has begun.

You only need to apply for the Housing Development Incentive Program once. Any change of use to a property will result in the eligibility being reviewed to determine if the property continues to benefit from the phased-in assessment.

The program is not transferable from one property owner or applicant to another. If the property sells prior to or during the program, the property is not eligible, except for non-arm’s length transfers where the property owner has not changed.

Property owners must apply on or before Dec. 31 of the base year.