HOUSING AGREEMENT (AFFORDABLE HOUSING) BYLAW NO. 10569, AND HOUSING AGREEMENT (MARKET RENTAL HOUSING) BYLAW NO. 10570 TO PERMIT THE CITY OF RICHMOND TO SECURE LOW-END MARKET RENTAL (LEMR) UNITS, AND MARKET RENTAL UNITS AT 5300 NO. 3 ROAD

The newly endorsed maximum LEMR rent rates, or "Permitted Rent" as defined in the affordable housing agreement, are set at 10 per cent below the Canada Mortgage and Housing Corporation's (CMHC) average market rent for the City of Richmond, published annually through the CMHC Market Rental Survey and specific to each unit type. Gross annual household income must be less than 3.3 times the annual Permitted Rent.

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