Land reserving as known as land banking, involves a percentage of retention by a private or public entity of the available land to guarantee a measure of control over its future use as senior affordable housing.
Land banking can be a useful urban planning tool for municipalities to ensure land within its area is efficiently used and caters to the needs and long-term sustainability of the senior community. From an affordable housing perspective, the primary role land banking has is to reduce one of the bigger costs of development – that of the acquisition of land itself – which eases the financial burden on those seeking to build senior affordable housing in the future.
Success of this policy within the West Island is predicated upon two necessary conditions. Primarily, the availability of land to bank is a prerequisite. Secondarily – and as with all policies – commitment is an important consideration, especially given the typical timeframe for a land banking strategy considering the typical five to ten-year window before development.