For Immediate Release: 20.10.27
Kamloops Chamber passes important policy at virtual 2020 Canadian Chamber Convention
Kamloops, BC – The Kamloops Chamber of Commerce was successful in passing an important policy answering to our Nation’s affordable housing crisis at the virtual 2020 Canadian Chamber Convention on Monday, October 26.
Background
The Kamloops Chamber actively seeks feedback from the Kamloops business community on issues that matter. The Chamber membership indicated that housing availability and affordability is a major issue and as such the Board of Directors Advocacy Committee worked on an innovative Federal tax policy resolution to answer to this issue.
Policy Background
Community Land Trusts exist across Canada, are a proven vehicle to combat the affordable housing crisis in perpetuity, but they are crippled by current Federal tax law in their ability to acquire land donations. The policy looks to mirror a proven. And robust mechanism for ecological land donations (2006), to include land donations to Community Land Trusts. This will provide a powerful incentive for individuals and corporations to donate land, enabling our Community Land Trusts across the nation to provide affordable housing solutions in perpetuity, unlike any other models currently in existence in Canada.
Director and Business Advocacy Vice Chair Colin O’Leary presented the Land Trust Initiative at the BC Chamber Conference in May of 2020 where it was adopted by the BC Chamber of Commerce. On Monday, October 26, Director O’Leary presented the policy to Canadian Chamber Convention delegates virtually where it carried with 90% in favour.
The Land Trust Initiative will now be on Canadian Chamber’s policy books and will be advocated to the Federal Government.
Media Quotes
Tyson Andrykew, President, Board of Directors, Kamloops Chamber of Commerce
“ The Kamloops Chamber of Commerce has a long and well documented history of achieving public policy success through it’s structured process. These efforts in the past have resulted in major policy being developed by our Federal Government that has had significant impact in our daily lives, such as the creation of the TFSA (Tax Free Savings Account) and the 10 year passport.
The 2020 Kamloops Chamber of Commerce Business Advocacy Committee feels that this year’s success in the passing of the Community Land Trusts Initiative could have a similar impact. By incentivizing individual and corporations to donate parcels of land for affordable housing, we’re potentially able to unlock land that would sit underutilized for extended periods of time. Affordable housing is critical for the Kamloops business sector in ensuring that the workforce has housing.”
Colin O’Leary, Vice Chair, Business Advocacy Committee, Director, Kamloops Chamber of Commerce
“This tax policy represents a “game changer” in the fight for affordable housing in Canada.This policy will help communities across Canada to provide affordable housing for lower income residents, revitalize by driving new development, provide low and moderate-income people with the opportunity to build equity through homeownership and capture the value of public investment for long-term community benefit.”
Media Contact:
Tyson Andrykew
President
Board of Directors
Kamloops Chamber of Commerce
P: 250.320.6150