Application to amend Housing Agreement Bylaw 9952 (Richmond Centre Phase One)

This report outlines a request from the property owner RCRES Nominee Ltd. (‘Owner’) to amend the definitions of permitted rent and eligible tenant in Housing Agreement Bylaw No. 9952 associated with DP 17-768248 and CP16-752923 at 6551 No 3 Rd., which is Phase 1 of the Richmond Centre redevelopment. On November 12, 2024, Council approved changes to the City’s Low-End Market Rental (LEMR) Program, updating the permitted rents and income thresholds as described in the report titled “Updating the Low-End Market Rental (LEMR) Program to Support the Delivery of Affordable Housing” dated October 16, 2024. The approved permitted rent rates and income thresholds apply to housing agreements for new or in-stream development applications. The updated rates can be applied to existing agreements where an amending bylaw is adopted by Council. This report supports Council’s Strategic Plan 2022-2026 Focus Area #2 Strategic and Sustainable Community Growth: Strategic and sustainable growth that supports long-term community needs and a well- planned and prosperous city. 2.2 Develop and implement innovative and proactive solutions that encourage a range of housing options and prioritize affordability. Analysis Housing Agreement Bylaw No. 9952 was adopted on January 28, 2019, and secures 79 LEMR homes as part of the first phase of the Richmond Centre redevelopment. This phase also includes 1,087 market-ownership homes and 11,681 m2 (125,725 ft2) of commercial space. The 79 LEMR homes are clustered into one tower (7557 Cst. Jimmy Ng Road, Richmond, BC) and must be operated by a non-profit housing organization. It is anticipated that the LEMR homes will be available for tenanting in March, 2025. The requested amendment aligns with the endorsed permitted rent rates of 10 per cent below CMHC average market rents, specific to the City of Richmond, and income thresholds that set rent at 30 per cent of gross (before-tax) household income. Table 1 outlines the permitted rent rates and income thresholds that would be enabled in the event the application to amend Housing Agreement Bylaw No. 9952 is approved. PLN – 69

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