{"id":394376,"date":"2024-09-27T04:59:45","date_gmt":"2024-09-27T08:59:45","guid":{"rendered":"https:\/\/canada.constructconnect.com\/?p=394376"},"modified":"2024-09-26T17:15:30","modified_gmt":"2024-09-26T21:15:30","slug":"proposed-regulation-could-help-ontario-builders-free-up-funds-for-housing-projects","status":"publish","type":"post","link":"https:\/\/canada.constructconnect.com\/dcn\/news\/associations\/2024\/09\/proposed-regulation-could-help-ontario-builders-free-up-funds-for-housing-projects","title":{"rendered":"Proposed regulation could help Ontario builders free up funds for housing projects"},"content":{"rendered":"
A consultation process has been launched by the Ontario government to implement pay-on-demand surety bonds as an alternative to Letters of Credit (LOC) for homebuilders, which the Ontario Home Builders\u2019 Association<\/a> (OHBA) is calling a huge regulatory win.<\/p>\n The proposal, Enabling the Use of Pay-on-Demand Surety Bonds to Secure Land-Use Planning Obligations under Section 70.3.1 of the Planning Act, was posted to the Environmental Registry of Ontario by the Ministry of Municipal Affairs and Housing Sept. 16.<\/p>\n The government is proposing a regulation that would authorize landowners to stipulate pay-on-demand surety bonds to be used to secure municipal obligations that are conditions of land-use planning approvals, states the notice.<\/p>\n Wider acceptance of pay-on-demand surety bonds may help homebuilders to free up funds for housing projects.<\/p>\n