Local Government Funding Through Speculation and Vacancy Tax

Whereas encouraging unoccupied residential properties to become available for long-term occupancy represents an opportunity to increase the availability of housing in our communities; And whereas revenue collected from the Speculation and Vacancy Tax is directed into the Housing Priority Initiatives Special Account where BC Housing is the primary recipient of the funds rather than local governments: Therefore be it resolved that UBCM call upon the Province of British Columbia to permit local governments to receive a portion of the funds collected through the Housing Priority Initiatives Special Account, with funds to be used by the local government towards affordable housing projects.