Housing Agreement (Affordable Housing) Bylaw No. 10735 and Housing Agreement (Market Rental Housing) Bylaw No. 10736 to Permit the City of Richmond to Secure Low-End Market Rental Homes and Market Rental Homes at 8620, 8640 and 8660 Spires Road per RZ 22-023633

The rental rates and income thresholds that will be secured by the Housing Agreement are outlined in Table 2. Please see Table 2 for additional details relevant to how these are calculated. In accordance with Council Policy 5475, being the "Low-End Market Rental Parking, Tenant Asset and Income Limit Exceedance Policy", household asset limits will be set at $100,000 and LEMR tenant parking fees will be set at a fixed rate of $75/month. Per the Policy, assets recognized within the limit include stocks, bonds, term deposits, mutual funds, cash, business equity, and real estate equity, net of debt. Assets including registered education savings, retirement savings and disability savings are not included in asset limit nor is the value of any tools supporting active employment, such as farm equipment, personal effects, or bursaries or scholarships from educational institutions.

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