Grants & Incentives

Council has endorsed a number of grant programs and incentives to promote heritage conservation, downtown/waterfront revitalization and rental housing starts throughout the City of Vernon.

Revitalization Tax Exemption Program

The Revitalization Tax Exemption Program is intended to accomplish Council’s objectives by providing property tax relief to property owners who undertake eligible construction within the City Centre District. The extent of the tax exemptions available under the Revitalization Tax Exemption Program is the municipal portion of the tax increase directly attributable to the increase in assessed value of the land and improvements between the highest of the previous two years of assessment prior to the start of construction and the year the project is completed. The maximum term of a tax exemption that may be provided under this bylaw is 10 years.

Rental Housing Incentive Grants

This program encourages the construction and operation of purpose-built rental housing by providing a grant equal to the City’s development cost charge levy or $4,000 per rental unit, whichever is the lesser. Multiple family developments with four or more dwelling units would be eligible for the grant program.

Heritage Retention Incentive Grant Program

The program offers owners of properties listed on the Vernon Heritage Register the opportunity to annually apply for a grant for up to 50% of the value of works completed on the property up to a maximum value of $5,000.

Heritage Restoration Grant Program

This program applies to properties listed on the Vernon Heritage Register in order to assist owners with the cost of restoring the exterior, foundations and roof structures of heritage buildings.

Property Taxes & Grants

There are a number of other property tax exemption programs and provincial grants administered by the City of Vernon which you might qualify for.