HOUSING AGREEMENT (AFFORDABLE HOUSING) BYLAW NO. 10548, HOUSING AGREEMENT (MODERATE MARKET RENTAL) BYLAW NO. 10549 AND HOUSING AGREEMENT (MARKET RENTAL) BYLAW NO. 10550 TO PERMIT THE CITY OF RICHMOND TO SECURE LOW- END MARKET RENTAL (LEMR) UNITS, MODERATE MARKET RENTAL UNITS AND MARKET RENTAL UNITS AT 6071 AZURE ROAD

May 7, 2024 - 4 - 7611426 Table 2: Summary of LEMR Unit Composition and Rent Limitations Unit Type Affordable Housing Strategy Requirements (1) (3) Project Targets (2) Min. Unit Area (ft2) Max. Rent Charge Max. Household Income Unit Mix Basic Universal Housing (BUH) Studio 400 $811 $34,650 - - 1-Bedroom 535 $975 $38,250 8% (4 units) 8% (4 units) 2- Bedroom 741 $1,218 $46,800 28% (14 units) 28% (14 units) 3- Bedroom 980 $1,480 $58,050 58% (29 units) 58% (29 units) 4- Bedroom 1,200 $1,541 $61,650 6% (3 units) 6% (3 units) Total N/A N/A N/A 50 units 100% (50 units) (1) May be adjusted periodically as provided for under adopted City policy. (2) Project Targets may be revised through the Development Permit process subject to at least 50 LEMR units being provided. (3) The proposed unit mix includes 4-bedroom units to replace existing 4-bedroom units onsite. The site specific criteria for 4-bedroom units is based on the methodology used for the criteria of other unit types in the City¶s Affordable Housing Strategy. Should minor adjustments be made as a result of more detailed design, staff will ensure the total number of LEMR units as presented in this report is upheld. A Housing Covenant will be used to secure the total residential floor area of the LEMR units in addition to the minimum unit sizes, the

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