HOUSING AGREEMENT BYLAW NO. 10490 TO PERMIT THE CITY OF RICHMOND TO SECURE AFFORDABLE HOUSING UNITS AT 10140, 10160, 10180 NO. 1 ROAD AND 4051 CAVENDISH DRIVE

The purpose of this report is to recommend that City Council adopt Housing Agreement Bylaw No. 10490 to secure at least 568 m2 (6,114 ft2) of floor area comprised of six affordable housing units in the proposed development located at 10140, 10160, 10180 No. 1 Road and 4051 Cavendish Drive (Attachment 1). The applicant, Cavendish Drive Holdings Ltd., has applied to the City for a Development Permit (DP 21-940028) to develop a 35-unit townhouse development, including six Low-End Market Rental (LEMR) units, consistent with the City's Affordable Housing Strategy 2017–2027. The associated Rezoning Application (RZ 18-820669) for the subject development received third reading following the public hearing held on May 19, 2020. The subject development is voluntarily providing affordable hosing units in keeping with the provisions of the City’s Affordable Housing Strategy and Arterial Road Land Use Policy. The Arterial Road Land Use Policy supports additional density provided the additional density is used exclusively for affordable housing units. The rezoning bylaw for this development provides a 0.05 FAR bonus exclusively for the provision of affordable housing units. The Housing Agreement Bylaw secures these six units in keeping with the rezoning bylaw considered by City Council

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