The City approved the creation of a new Affordable Housing Agency last night, an arms-length organization based on best practices in other cities to enable the creation of new low and modest income housing in Vancouver.
The Vancouver Affordable Housing Agency (VAHA) will also collect available data on issues such as vacant homes, and provide information on ways to limit investor speculation and unnecessary vacancies in Vancouver's housing market.
"The Vancouver Affordable Housing Agency will be a key tool in the City's efforts to create new affordable housing that meets the needs of local residents," said Mayor Gregor Robertson. "As well, by designating it as a research hub to monitor issues such as vacant homes and excessive investor speculation, the VAHA will contribute to an informed, fact-based discussion of Vancouver's housing market."
The VAHA will be comprised of a board appointed by City Council, which will include members of the community with expertise in real estate, non-profit housing, and tenant issues, among others. Its target is to create 2,500 new affordable homes by 2021, with 500 in the first three years, with a focus on affordable housing geared towards families.
In terms of monitoring and collecting housing data, the VAHA will seek information from other public organizations, as well as senior levels of government, and review best practices for how other cities track their housing market.