Development Cost Charge Reduction Bylaw No. 518, 2025 — full text, Radium Hot Springs, British Columbia

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VILLAGE OF RADIUM HOT SPRINGS DEVELOPMENT COST CHARGE REDUCTION BYLAW NO. 518, 2025 A Bylaw to reduce development cost charges for affordable housing. WHEREAS S. 563 of the Local Government Act authorizes a local government to waive or reduce a development cost charge for not-for-profit rental housing and for-profit affordable rental housing; WHEREAS Council wishes to provide for a waiver or reduction of a development cost charge for not-for-profit rental housing projects and for-profit affordable rental housing; NOW THEREFORE, the Council of the Village of Radium Hot Springs in open meeting assembled enacts as follows: 1. CITATION This bylaw may be cited as "Village of Radium Hot Springs Development Cost Charge Reduction Bylaw No. 518, 2025". 2. DEFINITIONS In this bylaw: a) "Eligible Development" means a development that meets the definition of For-Profit Affordable Rental Housing or Not-For-Profit Rental Housing; b) "For-Profit Affordable Rental Housing" means a development that includes dwelling units which are owned, or leased for a minimum term of 15 years by a for-profit organization, and which a covenant is registered against the title to a portion of the dwelling units contained within the development, in favor of the Provincial Rental Housing Corporation, the Village of Radium Hot Springs, or other agency or ministry of the Province of British Columbia providing that one or more dwelling units are only available for rental at, or below, the affordable monthly rent for couples without children as defined in the Village of Radium Hot Springs' most recent housing needs report; and c) "Not-For-Profit Rental Housing" means a development that includes dwelling units which are owned, or leased for a minimum term of 15 years, by a Not-For Profit Society, BC Housing, a Non-Profit Municipal Housing Corporation or a Registered Charity. 3. REDUCTION a) Development Cost Charges are not payable in relation to Not-For-Profit Rental Housing in relation to all dwelling units and additional areas of an Eligible Development. b) Development Cost Charges are not payable by For-Profit Affordable Rental Housing Eligible Developments in relation to: i. All dwelling units in an Eligible Development, if at least 25% of the dwelling units permitted are For-Profit Affordable Rental Housing; and ii. Only those dwelling units in an Eligible Development that are deemed For-Profit Affordable Rental Housing, if less than 25% of the total dwelling units permitted. 4. EXPIRY This bylaw expires on December 31, 2033. 5. SEVERABILITY If any part, paragraph or phrase in this Bylaw is for any reason held to be invalid by the decision of a court of competent jurisdiction, that portion shall be severed and the remainder of this Bylaw shall continue in force. READ A FIRST TIME this 27th day of January, 2025. READ A SECOND TIME this 27th day of January, 2025. READ A THIRD TIME this 27th day of January, 2025. ADOPTED this 10th day of February, 2025. Mayor Corporate Officer