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 - 3 - The proposed form of development is an L-shaped building with a seven-story hotel and a 14- story residential building over a shared two-level below-grade parkade. The LEMR units are to be clustered in Levels 3 and 4 of the residential building. The City's Affordable Housing Strategy supports the clustering of LEMR units provided a non-profit housing operator is secured to manage the units. To this end, the applicant has entered into a preliminary Memorandum of Understanding (MOU) with S.U.C.C.E.S.S., an experienced non-profit housing operator. Table 1 below summarizes components of the LEMR units that will be secured through the registration of the Housing Agreement and Housing Covenant. As it relates to the LEMR units, the project will provide 15 of the 27 units (55 per cent) as family-friendly units and 23 units (85 per cent) will include a Basic Universal Housing (BUH) design, supporting the ability of tenants to age in place. Overall, the amount, size and mix of LEMR units uphold the objectives of the Affordable Housing Strategy, the Official Community Plan, and the City Centre Area Plan. Table 1: Summary of LEMR Unit Composition and Rent Limitations Affordable Housing Strategy Requirements (1) Project Details (2) Unit Max. Max. Type Min. Unit Rent Household Unit Mix Basic Universal Area Charge Income Housing(BUH) Studio

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