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City of Vancouver proposes new approach to affordable rental housing

Last Updated Jul 24, 2017 at 7:23 am PDT

The Oakridge proposal (Courtesy City of Vancouver )

VANCOUVER (NEWS 1130) – The City of Vancouver is proposing a new program that could require developers to set aside at least 20 per cent of units in new projects for affordable housing.

The proposal is part of the Cambie Corridor Phase 3 Plan, and the City hopes it would deliver 1,000 new affordable rental homes in the Oakridge area.

Mayor Gregor Robertson says affordable housing is defined as no more than 30 per cent of someone’s income before tax.

“We want to be sure that the affordable rents in this new inclusionary rental zoning meet that test. So that will be the goal here,” Robertson says.

Robertson says the Oakridge pilot could deliver 1,000 homes affordable for people with a household income of $30,000 to $80,000 a year. They would be part of 4,000 new affordable homes the City expects in the Cambie area by 2041.

Rents would be directly connected to tenants’ incomes. Rents for the new, mandated affordable rental homes could range from:

  • $850-$1,000 for a studio,
  • $1250-$1500 for a one bedroom, and
  • $1700- $2100 for a two bedroom.

 

In exchange for the long-term affordability through a housing agreement, developers may be allowed extra density, parking relaxations or waivers on new building levies.