Vancouver’s new Affordable Housing Agency has identified seven sites to build an estimated 800 units of affordable housing, with a priority on new homes for families.
A staff report to City Council today outlined the VAHA’s business plan, including its organizational structure, housing targets, projected rent mix and land for development. Council has dedicated $62 million in the 2015 Capital Plan to invest in affordable housing, with the expectation of leveraging up to $250-300 million from other partners.
“Our Affordable Housing Agency is one of many tools we’re using to get new housing built that meets the needs of Vancouver residents, especially families,” said Mayor Gregor Robertson. “By using city land to leverage investments from non-profits, the private sector and senior levels of government, we’re pursuing yet another option for enabling the new affordable housing that our city needs.”
VAHA’s target resident groups for the seven sites is projected to be 45% for families with children; 40% for singles, couples and seniors on low or moderate incomes; and 15% for SRO residents. Target affordability is to be 70% below market (including 15% at shelter rates) and 30% at market rent.
The sites identified by VAHA for development include five sites in the River District in East Fraser Lands, and one each in Kensington-Cedar Cottage and the Downtown Eastside.
To view the full presentation to Council, visithttp://former.vancouver.ca/ctyclerk/cclerk/20150610/documents/cfsc1_presentation.pdf