Council will consider new measures this month that could make it easier for first-time homebuyers to break into the market.<\/p>\n\n\n\n
Mayor Tom Mrakas has put forward a motion that could see a targeted Development Charge (DC) rebate put in place to help bring down the cost of homes.<\/p>\n\n\n\n
\u201cThis initiative is designed to provide immediate relief to many young individuals and families\u2026trying to enter the housing market in Aurora,\u201d says Mayor Mrakas. \u201cBy offering a targeted rebate on development charges, we can help make homeownership more accessible and affordable \u2013 right here in our community.\u201d<\/p>\n\n\n\n
If the motion is ultimately approved by Council, it would task staff with providing the framework of such a program for Council\u2019s approval.<\/p>\n\n\n\n
This framework would include eligibility criteria, funding mechanisms and the financial impacts of the initiative.<\/p>\n\n\n\n
A further report back to Council would contain recommendations and options for implementation, along with timelines and government partnerships to make it happen.<\/p>\n\n\n\n
Should the rebate be approved, it would include a \u201cclaw back\u201d mechanism in which the homeowners receiving the rebate would have to repay all or a portion of what they received back to the Town if the home in question is sold within a specified time frame.<\/p>\n\n\n\n
\u201c[This ensures] the program supports long-term home-ownership rather than short-term speculation,\u201d said the Mayor in his motion.<\/p>\n\n\n\n
\u201cThe Town of Aurora is committed to supporting housing affordability and increasing homeownership opportunities for residents. A DC rebate for first-time homebuyers is a meaningful way to reduce upfront costs and improve affordability. First-time homebuyers often face significant financial barriers to entering the housing market, and a targeted DC rebate would provide immediate relief to those looking to purchase their first home in Aurora.\u201d<\/p>\n\n\n\n
By Brock Weir<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Council will consider new measures this month that could make it easier for first-time homebuyers to break into the market. Mayor Tom Mrakas has put forward a motion that could see a targeted Development Charge (DC) rebate put in place to help bring down the cost of homes. \u201cThis initiative is designed to provide immediate relief […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5],"tags":[],"class_list":["post-36112","post","type-post","status-publish","format-standard","hentry","category-general_news","category-news"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/posts\/36112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/comments?post=36112"}],"version-history":[{"count":1,"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/posts\/36112\/revisions"}],"predecessor-version":[{"id":36113,"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/posts\/36112\/revisions\/36113"}],"wp:attachment":[{"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/media?parent=36112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/categories?post=36112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newspapers-online.com\/auroran\/wp-json\/wp\/v2\/tags?post=36112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}