The City of Vancouver has recently closed the purchase of eight lots along Southwest Marine Drive that will be used to build 120-125 units of affordable rental housing.
The lots, which total 34,698 square feet, will be divided into two projects – each anticipated to have 50-60 units of housing. The development of these sites will be led by the Vancouver Affordable Housing Agency (VAHA) as part of the City’s affordable housing strategy and will include some important targets. Over 50 per cent of the units will be dedicated for family housing, including some three-bedroom units.
“Vancouver Affordable Housing Agency plays a critical role in achieving the targets of our 10-year affordable housing plan by investing in new affordable housing geared towards families of low and moderate income, living and working in Vancouver,” said Mayor Gregor Robertson.
Based on recommendations from the Mayor’s Task Force on Housing Affordability, Council approved the formation of the Vancouver Affordable Housing Agency in July 2014, to enable the creation of new affordable housing in Vancouver. This new housing planned along Southwest Marine Drive is an important first step toward VAHA’s target to create 2,500 new affordable homes by 2021, with 500 in the first three years.
The purchase of the land was funded through community amenity contributions allocated to the Cambie Corridor Affordable Housing Fund. The eight lots are all on Southwest Marine Drive and include the following addresses: 55, 63, 73, 79, 87 (double lot), 95 and 115. The city paid $11,491,000 in total for the lots. The planning process will begin in 2015.