Whereas British Columbia has a housing affordability crisis that is impacting every local government in the province, with the BC government recognizing that local governments are on the front lines of the housing crisis and are positioned to help advance the development of new homes and that communities need solutions that work for them; And whereas local governments that wholly own local government housing corporations as their chosen community solution for creating more affordable housing are subject to the provincial Property Transfer Tax PTT on acquired property, including land donated to the corporation from the local government or land leased for more than 30 years; And whereas the Property Transfer Tax Act provides exemptions to local governments, there are no exemptions applicable to a local government housing corporation, even if the corporation is wholly owned by the local government and carrying out local government purposes: Therefore be it resolved that the UBCM call on the provincial government to expand exemptions for Property Transfer Tax to include wholly owned local government housing corporations for the purposes of building affordable housing; And be it further resolved that land transferred, including long-term leases, from a local government to any non-profit for the purposes of affordable housing development be also exempt.
