New way to speed housing construction while protecting a municipality
Belleville council has wholeheartedly approved a new way of financing new residential construction that could allow developers to build out projects more quickly.
The usual Letter of Credit process forces developers to pay 50% of the development’s costs to a bank to provide security for the city against default on the subdivision agreement. Under what’s called Pay-on-Demand Subdivision Bonds developers would pay a premium to a Surety Company to provide security to the city but the actual funds would not be held for the duration of the agreement.https://media.socastsrm.com/wordpress/wp-content/blogs.dir/1977/files/2023/03/barb-enright-miller.mp3
“We have an ever growing housing market and this will help the developers keep some money in their pocket and continue the growth for us so I fully recommend it.” Councillor Paul Carr said the Pay-On- Demand SubDivision Bonds were another example of municipalities finding ways for developers to build more housing more easily and quickly.
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