HOUSING AGREEMENT BYLAW NO. 10490 TO PERMIT THE CITY OF RICHMOND TO SECURE AFFORDABLE HOUSING UNITS AT 10140, 10160, 10180 NO. 1 ROAD AND 4051 CAVENDISH DRIVE

The Housing Agreement restricts the annual household incomes and maximum rents for eligible occupants and specifies that the units must be made available at affordable rental housing rates in perpetuity. The Agreement includes provisions for annual adjustment of the maximum annual housing incomes and rental rates in accordance with City requirements. In addition, the Agreement restricts the owner from imposing any age-based restrictions on the tenants of the affordable housing units. The Housing Agreement specifies that occupants of the affordable rental housing units shall have unlimited access to all indoor and outdoor residential amenity spaces as well as all associated shared facilities (e.g., visitor parking) in the development. Affordable housing tenants will not be charged any additional fees including parking fees, strata fees, amenity fees and move-in/move- out fees. In order to ensure that the owner is managing the affordable housing units according to the terms outlined in the Housing Agreement, the agreement permits the City to conduct a statutory declaration process no more than once a year. Should the owner choose to sell the affordable housing units, the Housing Agreement requires that all six units be sold to a single owner.

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