The City of Vancouver is proposing the consolidation of a $2-billion Vancouver Affordable Housing Endowment Fund to Council next week, which it said intends to transform how non-market and affordable housing is delivered across Vancouver.
The fund would amalgamate over 200 city-owned and operated assets, in addition to potential revenue from housing related sources such as Community Amenity Contributions, the Empty Homes Tax and Capital Plan, to support the growth and preservation of the City’s affordable housing portfolio.
It’s also meant to enhance the city’s 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.
In a release, the City said that six months after its launch of the Housing Vancouver strategy, it is on track to deliver 72,000 new homes over the next ten years, “with more work needed to continue the shift towards the right supply.”
With an emphasis on creating more of the right kind of homes for residents, the city approved over 7,100 units in 2017, including:
In order to track the progress of Housing Vancouver over the next 10 years, the municipal government said staff have developed the first Housing Vancouver Annual Progress Report and Data Book.
The progress report establishes benchmarks to measure how the city is performing on key affordability outcome measures, and provides a summary of implementation actions already underway.