UDI Lower Mainland submission to the City of Richmond.

UDI Lower Mainland wrote to the City of Richmond to encourage adoption of On-Demand Surety Bonds (also known as Irrevocable Demand Bonds) as an alternative to letters of credit for securing development obligations. At a time when municipalities across BC are working to accelerate housing delivery, adopting more flexible and efficient financial security tools, without municipalities having to compromise on risk, will help ensure that much-needed new housing projects proceed without unnecessary financial constraints.