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City Approves Plans to Transform How Affordable Housing is Delivered Across VancouverCity of Vancouver
VANCOUVER - On June 27, Vancouver Council approved the creation of a $2-billion Vancouver Affordable Housing Endowment Fund, which will have a clear mandate to preserve and grow affordable housing in the city.
The Fund will be a consolidated portfolio containing city-owned land and owned and/or operated buildings and assets, with an assessed value of over $2-billion. It will focus on delivering the Housing Vancouver targets of 72,000 new homes over the next ten years, with an emphasis on 12,000 social, supportive and co-operative housing for lower and middle income households.
“Vancouver is leading the country in building new rental housing, and today’s approval of the Vancouver Affordable Housing Endowment Fund and Financial Strategy will accelerate our efforts to create more affordable housing for people who live and work in Vancouver,” said Mayor Gregor Robertson. “We’re dramatically ramping up the right supply of new homes for Vancouver residents, building more rental options for households with moderate incomes, creating more family-sized homes, and providing more social housing for low-income residents.”
The Fund is part of a newly approved financial strategy that will take five approaches to deliver much needed affordable, social and supportive housing in the city.
- Continue to secure social housing through inclusionary housing policies
- Acquire new housing sites to sustainably deliver future homes
- Increase the social housing requirement on large sites from 20% to 30% (consisting of 20% social housing, and 10% moderate income rental housing for households that earn between $30,000 and $80,000)
- Support non-profit housing societies by enabling non-profit ownership of social housing in the Downtown Eastside, and create the Social Purpose Real Estate Program to develop incentives for non-profit housing, faith-based and other charitable organizations
- Pursue a multi-year partnership and investment plan with senior levels of government to deploy city land for use in building affordable housing
“This fund will allow the City to deliver the maximum amount of non-market housing for residents by leveraging the assets we currently own,” says Gil Kelley, General Manager of Planning, Urban Design, and Sustainability. “Combining these assets will significantly enhance our ability to deliver on Housing Vancouver targets, acquire new housing sites, increase support for social and non-profit housing, and better align with housing partners and senior levels of government.”