NELIN LUCAS is the story of Edmonton’s condo boom.
It’s the story we’ve been waiting for.
It is a story of how condo building became a business model.
NELin Lucas/AJCN LUCASH,AJC News – JUNE 07: A condominium in downtown Edmonton, Alberta, Canada, June 7, 2020.
A condominium was the first thing on the minds of developers when it was announced that the new City of Edmonton would be the first city in Canada to introduce a condo tax credit in 2020.
The credit would allow low- and moderate-income people to get a refund of up to $100 per year for their down payment.
In Edmonton, this was called a ‘condo tax credit’.
It was a first for the city, but it wasn’t a big deal.
It was only a first because there was already a condo credit program in place.
That credit program, the Downtown Condominium Program, had been around since the 1980s and it was an expansion of the existing credit program.
It had allowed low-income individuals to get up to an additional $400 per year.
This program was designed to help those who are making too much money to qualify for the new condo tax credits.
Nelin Lucash/AJAMET/REX/Shutterstock It was designed with people like Nelins Lucash, who’s been an activist for low- to moderate- income housing, in mind.
In 2012, the City of Toronto announced a condo program called the Condo Tax Credit for people who make up to a certain amount.
NELINS LUCASE,AJACN LECASH,APTN News – FEBRUARY 07: An aerial view of the condominium tower in the condo condominium condominium project in downtown Toronto, Ontario, Canada. “
In addition, this credit will help people to offset the full cost of a new property purchase, and it will help provide some relief for those who make less than the minimum income.”
NELINS LUCASE,AJACN LECASH,APTN News – FEBRUARY 07: An aerial view of the condominium tower in the condo condominium condominium project in downtown Toronto, Ontario, Canada.
This condo project has been going on for about six months.
And it has been working out very well.
NELS LUCASED/APTN NEWS – FEBUARY 11: Condominiums are seen on a view overlooking downtown Toronto in this undated photo.
This project was originally supposed to start construction this spring, but was pushed back to late spring.
The condominium building on the right is part of the $10 billion condominium tax credit, which will help to fund the cost of the new $20 billion downtown condos.
In this undate photo, a view of a condominium on the site of the planned condominium development is seen in Toronto.
NELIN Lucas,AJA News – JULY 06: A view of downtown Toronto from a condo in the new condominium complex being built at the site.
Here’s what Nels Lucas had to say about the city condominium program in his story: “In the 1980’s and 90’s, we had a condo tax program in Toronto that allowed low income individuals to receive up to 50 per cent of their down payments in the form of a credit that was supposed to help them afford a new home.
In that program, it was actually designed to encourage people to buy condos and put them on the market.
The downside to that was that it created a tax credit that could only be used for a down payment, and the majority of condo owners never got the credit.
The rest of the money would be used to purchase condos.
That is not how the new system works.”
“What I was looking for in a new city condos was a similar tax credit to the existing Toronto condominium credit program and I was disappointed when I found out that the city did not provide that.
I was frustrated that we were spending money on a program that didn’t exist.
That’s when I realized that the current system is flawed and needs to be changed.”
NELS LUDKOWSKI,AAPTN/AP – JULIUS 09: The Condo Condominium Project in downtown Calgary, Canada is seen.
The city’s condo credit program is designed to give low- income individuals a credit for up to 75 per cent on their down.
This is not a tax, it’s not a credit, it is a refund for your down payment that’s supposed to offset costs associated with a new purchase.
It also gives a $500 refund for any condo purchase after 2019.
It costs the city up to 30 per cent to administer the program, which is one of the
