December 13, 2017 (Vancouver, BC) - On Tuesday, Vancouver City Council approved more than 450 new units of rental and social housing in neighbourhoods across the city. Council voted in favour of five new rezoning applications to deliver more than 300 units of rental housing, and approved a grant of $45M to support the Community Land Trust to provide an additional 165 affordable homes across two projects.
“Vancouver is doing more than any other city in Canada when it comes to housing,” said Mayor Gregor Robertson. “With more than half of Vancouver residents renting their homes, it’s critical that people have access to secure and affordable housing options so that they can put down roots and build a life here. These projects will provide homes – 477 of them - that are affordable for people on low and modest incomes in Vancouver. It’s the type of housing supply we need: housing for people who live and work in Vancouver.”
The approved rezoning of buildings located at 55-79 Southwest Marine Drive and 87-115 Southwest Marine Drive—providing 101 units of social housing—are the latest projects from the Vancouver Affordable Housing Agency (VAHA) to be approved by Council. VAHA is now the single biggest initiator of affordable housing in Vancouver, with 17 projects in the works.
The other projects approved, located at 478-496 West 48th Avenue, 2075 West 12th Avenue and 1715 Cook Street will provide more than 200 units of secured market rental housing. Together, they will deliver urgently needed rental housing across Vancouver, with approved projects located in Marpole, South East False Creek, Langara, and near the Arbutus Greenway at West 12thAvenue.
Council also approved a $45.1 million investment to deliver a further 165 units of affordable housing—including homes specifically targeted to families with children—in partnership with the Community Land Trust. Leases will be negotiated with the Land Trust on a 60 year term to manage the operation of both these buildings.
Forty per cent of the 135 homes at 95 East 1st Ave in the Olympic Village will be targeted to households with an annual income ranging from income assistance to $65,000, and will be ready for occupancy next month.
The building at 1847 Main Street is expected to be completed in the winter of 2019 and will provide 256 homes, including 30 units of social housing for artists through a partnership with BC Artscape.
In 2014, the City partnered with the Community Land Trust Foundation to leverage City land to deliver 358 protected affordable rental and co-op housing units. This project was the first of its kind in Vancouver with a land trust partnership model to develop new affordable housing.
Providing more of the right supply of housing for people who live and work in Vancouver is a top priority in the new Housing Vancouver strategy, approved by Council on November 29th, 2017. The bold 10-year plan includes measures that go after real estate speculation, offer more protection for renters and will transform single-family neighbourhoods across the city.
Visit vancouver.ca/housing to learn more.