Unique initiative to deliver new affordable rental housing in the City of Vancouver

On May 15th, the City of Vancouver launched a creative new initiative to bring together non-profit and private partners to develop 355 new affordable rental housing units.  Vancouver council gave unanimous approval to the plan, which the City hopes to use as a model to build a stock of affordable housing for the future.  This bold and innovative plan is already attracting attention from across Canada, in Europe and the U.S.

Vancouver is leasing land on four city-owned sites to a charitable Land Trust created by the Co-operative Housing Federation of BC.  Working with Terra Housing, and other private partners, four non-profit groups will build and operate the housing on the sites.  But the properties will be treated as one portfolio.  This means that income from commercial rents on one site, and market rents from riverfront townhouses at another site can be used to lower rents on other units, keeping the rents 20 percent below market.  That will make a real difference for the low-income families, seniors and people living with mental illnesses who will find a home in the new buildings.

See the Vancouver Sun article.

See the Province article: "Vancouver council green-lights a new housing "game-changer"