Acts and Regulations

2005-18 - Not-For-Profit, Low Rental Housing Accommodation

Full text
Current to 16 June 2023
under the
Assessment Act
(O.C. 2005-116)
Filed April 13, 2005
Under section 40 of the Assessment Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the Not-For-Profit, Low Rental Housing Accommodation Regulation - Assessment Act.
Definition of “Act”
2In this Regulation, “Act” means the Assessment Act.(Loi)
3A not-for-profit housing organization must meet the following criteria for the purposes of subsection 4.1(6) of the Act:
(a) the organization is a not-for-profit company incorporated under the Companies Act or a not-for-profit cooperative incorporated or continued under the Cooperatives Act;
(b) the organization provides housing accommodation, including rent-to-own housing accommodation, to low-income individuals and families at a rent that is below the market rent for the area in which the real property is located;
(c) the organization carries on its business without the purpose of gain for its members;
(d) any profits of the organization or accretions to the value of the property of the organization are used in promoting the organization’s objects;
(e) no part of the organization’s income is payable to or otherwise available for the personal benefit of any of its members;
(f) the directors serve as directors and officers without any remuneration except reasonable expenses incurred in the performance of their duties;
(g) the directors and officers do not receive directly or indirectly any profit from their position as director or officer;
(h) on dissolution of the organization and after payment of all its debts due and liabilities, its remaining property shall be distributed or disposed of to non-profit housing organizations that have objects the same as or similar to the objects of the organization and carry on their work in New Brunswick; and
(i) on dissolution of the organization, no part of its property is to be available to its members.
2015-66; 2019, c.24, s.181
4(1)For the purposes of subsection 4.1(8) of the Act, the date is December 31 of the year preceding the year for which an exemption may be approved under subsection 4.1(2) or (3) of the Act.
4(2)For the purposes of subsection 4.1(10) of the Act, the date is December 31 of the year for which an exemption was approved under subsection 4.1(2) or (3) of the Act.
5Section 4.1 of the Act does not apply to the following real property:
(a) nursing homes;
(b) special care homes; and
(c) community residences or other residential facilities whose residents require supervisory, personal or nursing care.
6Sections 3 and 5 of this Regulation shall be deemed to have come into force on January 1, 2005.
N.B. This Regulation is consolidated to January 1, 2020.