Richmond HillFees & ChargesDevelopment Charge Studies & Policies
Development Charges Interest Policy
Published by City of Richmond Hill
This is the City of Richmond Hill’s document, as published on its website on 19 October 2026. The municipality may have changed it since: check the current version at the source. Legal notice
- Type
- Guide
- Published by
- City of Richmond Hill
- Date
- March 27, 2024
- Also called
- Development Charge Interest Policy
- Form reference
- Appendix C – SRCFS.24.008
- For
- builder
- Building types
- All building types
- Pages
- 6
- Instruments
- Development Charges Act, 1997, sections 26.1 and 26.2
Overview
The City of Richmond Hill's Development Charges Interest Policy, a six-page Council-approved policy effective March 27, 2024, headed Appendix C – SRCFS.24.008. It sets out how the City charges interest under sections 26.1 and 26.2 of the Development Charges Act, 1997: on instalment payments for rental housing and institutional development, and on charges frozen at site plan or zoning by-law amendment application. It covers the interest rate applied, simple interest and prorating, a 14-day grace period, and the roles of Financial Services, Development Planning and the Building Division.
What it covers
- Purpose
- Policy Principles
- Scope
- Legislative Requirements
- Definitions
- Interest Rate Applied
- Amendment or Revision to Interest Rates
- Interest Rate Publication and Notification
- Simple Interest and Prorating
- Grace Period
- Effective Date
- Roles and Responsibilities
- Monitoring and Contraventions of the Policy
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