CORNWALL – A few adjustments to SD&G’s geared-to-income housing will mean a reduction in the amount of taxes the city needs to collect this year.
In a report to the city’s budget meeting this afternoon, CFO Tracey Bailey lays out the changes to the amount of rent collected and property taxes the city pays to the Cornwall and Area Housing Corporation (CAHC) and Cornwall and Area Non Profit Housing Corporation (CNPHC).
With a couple of rule changes, the city is anticipating an increase in rent from geared-to-income units of $80,000, of which $61,720 would be the city’s share.
As well, a provincially-mandated change to tax ratios will mean the city will have to pay $135,131 less in taxes to the housing corporation.
Projected revenue has also been adjusted to bring in another $15,430 this year.
The Cornwall and Area Housing Corporation, administered by the city, runs as an arms-length entity for the City of Cornwall and the United Counties of Stormont-Dundas-Glengarry.
In addition to the social housing changes, there’s also the removal of a $55,000 payback to the reserve fund to repair the mural wall at 11-17 Second Street West. The money, borrowed last fall, was supposed to be paid back this year. But the building owner didn’t start the project last year so the money wasn’t spent.
In all, the changes will mean an overall reduction in the levy of $267,281.
The budget meeting starts at 4 p.m. today (Monday) at city hall.