Response to Provincial Housing Bills: Density Bonus and Inclusionary Zoning Requirements and Associated Zoning Bylaw Amendments

1. SSMUH Standard Zones • Retain existing density bonus for SSMUH development involving six units, as permitted under Bill 44 (i.e., where six units are permitted on a lot within 400 m of frequent transit service, one unit may be secured as affordable housing or cash-in-lieu). • Add requirements in the zones for affordable housing units as per Provincial legislation (e.g., tenure, affordability, duration). • Retain existing cash-in-lieu rate for SSMUH. • Establish a new affordable housing reserve fund for cash-in-lieu contributions (used for capital costs for affordable housing only) as per Provincial legislation. Due to the retention of density bonus in SSMUH zones, the related Provincial requirement for financial feasibility assessment (FFA) applies. Staff retained an economic consultant to prepare an FFA for SSMUH development involving six units and found this type of development to be highly challenged in the current market due to increased construction costs and financing challenges associated with this type of SSMUH development. However, the analysis does not factor other homeowner circumstances (e.g., have owned their lot for a long time, significant equity, small or no mortgages, etc.). The FFA also demonstrated that the net capital cost of constructing an affordable housing unit in SSMUH varies significantly depending on location and lot size. Based on this variability and ongoing market challenges, no change is proposed and the existing cash-in-lieu rate for SSMUH ($12/ft2 of total buildable) is recommended. (Attachment 2)

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