Seven properties across Vancouver owned by the municipal government could be redeveloped into new affordable rental housing projects.
The City of Vancouver announced today that its Vancouver Affordable Housing Agency (VAHA) has issued an open tender for the private sector to build approximately 900 units of affordable rental housing on the City-owned sites.
The sites will be leased by VAHA to the successful proponents, who will build and operate the new housing projects for households earning less than $80,000 per year.
“Finding secure, affordable rental housing in Vancouver is a big challenge, particularly for people with low to middle incomes,” said Mayor Gregor Robertson in a statement.
“Offering city land for development keeps housing costs down for renters, and with investments from the BC and federal governments, we can make these 900 new homes even more affordable.”
The proposed sites are:
The City will select its development partners and establish completion timelines sometime during the first two quarters of 2018.
Separately, VAHA is also engaged in nine other affordable rental housing proposals that are currently in the planning and design phases. These projects total about 1,000 units.
Last year, Robertson said the municipal government made a formal offer to the federal government to build affordable housing projects in the City.
Approximately $250 million worth in land owned by the City was offered, and in exchange Ottawa would provide a $500-million investment to construct housing on the land, but the City has since decided to work alone on several of these sites.
As well, over the weekend, the City made public its proposal to conduct a pilot project in the Oakridge area that will mandate developers to build 1,000 new affordable homes.