DEVELOPMENT OF FOUR CITY-OWNED SITES FOR AFFORDABLE HOUSING: INITIAL COMMUNITY Engagement PrograM

BCH funding programs do not currently include critical operating funding meaning that projects will need to be self-sustaining based on rental revenues. In all affordable housing developments, the ultimate depth of affordability depends on the capital or operating funding secured. Without operating funding, levels of affordability could be comparable to the City’s Low-End Market Rental (LEMR) program for private development or a workforce housing model similar to BC Builds which contains a minimum of 20 per cent of units to be 20 per cent below market rents, with the remaining 80 per cent at market rates to ensure project viability. Staff will pursue all available funding as the work proceeds through each stage.

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