Housing Agreement Amendment Application for 10388 No 2 Road (formerly 10440 and 10460 No. 2 Road)

In addition to amendments pertaining to rents and income thresholds, the changes include drafting updates that modernize the older agreement without altering the core obligations of the owner. Notable changes to the agreement are outlined below: • The application seeks to amend the definitions of "permitted rent" and "eligible tenant". Council's approval of the requested amendment would bring maximum rent rates and income thresholds into aligmnent with the rates established within the City's updated LEMR program framework. Specifically, the amendment would set permitted rent rates at 10 per cent below CMHC average market rents applicable to the City of Richmond, and income thresholds would be set at the point at which annual rents reflect 30 per cent of the gross (before-tax) household income. • The amendment bylaw includes a provision to allow the LEMR owner to charge tenants for parking in accordance with Council Policy 5475. • The amendment bylaw includes a provision to set a maximum household asset limit of $100,000.00 per Council Policy 5475. Existing tenants would not be impacted by the increased rental rates as their rents are subject to the protections provided under the Residential Tenancy Act.

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