REVITALIZING HAMILTON TAX INCREMENT GRANT (RHTIG) PROGRAM
|Overview: The Program is intended to provide a Grant to incentivize property owners within strategic commercial districts to develop, redevelop or otherwise improve properties and/or buildings (including designated heritage buildings) in a manner that will support the broader revitalization of the commercial district as well as generate new municipal property tax revenue through increased property assessments. Additional financial incentives are provided through this program for developments that incorporate affordable housing units or achieves environmental sustainability objectives (including obtaining specified certifications or achieving District Energy Readiness). |
Amount: As a tax increment-based Program, Grants are provided relative to the actual increase in municipal property taxes that are generated as a result of an improvement/development undertaken on a property. Grants are provided over a maximum term of four annual payments and subject to City Council approval.
Where: To be eligible, properties must be located within the following Community Improvement Project Areas: Ancaster, Barton Village, Binbrook, Concession Street, Downtown Hamilton, Dundas, Locke Street, Ottawa Street, Stoney Creek, Waterdown and Westdale Commercial Districts; and the Mount Hope/Airport Gateway; or Properties and buildings designated under Part IV or Part V of the Ontario Heritage Act located within the Hamilton Municipal Boundary.
Goals: development, redevelopment, improvement, heritage, affordable housing, environmental sustainability