What are Vacant Building Credits and how do they benefit you.

Vacant Building Credits (VBC) apply to all buildings that have not been abandoned, and that you have not made vacant, that is:-

1. Brought back into use or
2. Demolished to be replaced by a new building.
3. That are commercial to residential conversions

The developer receives a credit equivalent to the existing gross floor space when the affordable housing contribution is calculated.

The VBC will only apply if the building has not been abandoned. This has the potential to be problematic legally owing to the difficulty of establishing when a building counts as abandoned as opposed to vacant. There appears to be no definition for how long a building needs to be vacant.

Contact us via the website for more info and assistance in using these.