HOUSING AGREEMENT (AFFORDABLE HOUSING) BYLAW NO. 10557 TO PERMIT THE CITY OF RICHMOND TO SECURE LOW END MARKET RENTAL (LEMR) UNITS AT 8911, 8931, 8951, AND 8991 PATTERSON ROAD

April 19, 2024 - 2 - Staff Report Origin The purpose of this report is to recommend that City Council give first, second and third readings to Housing Agreement Bylaw No. 10557 to secure at least 27 Low End Market Rental (LEMR) units within the development at 8911, 8931, 8951 and 8991 Patterson Road (Attachment 1). Dava Developments Ltd. has, on behalf of the owner Patterson Richmond Nominee Ltd., submitted a rezoning application to pennit the construction of a 163-unit development comprised of 136 strata units and 27 LEMR units as well as an approximately 100-room hotel. The zoning amendment bylaw received third reading following a public hearing on July 17, 2023. Prior to Council's adoption of the zoning amendment bylaw, the Applicant must register a Housing Agreement in addition to a Housing Covenant to secure the LEMR units in perpetuity. This repmi supports Council's Strategic Plan 2022-2026 Focus Area #2 Strategic and Sustainable Community Growth: Strategic and sustainable growth that supports long-term community needs and a well- planned and prosperous city. 2.2 Develop and implement innovative and proactive solutions that encourage a range of housing options and prioritize affordability. This report supports Social Development Strategy Goal # 1: Enhance Social Equity and Inclusion: Strategic Direction #1: Expand Housing Choices

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