HOUSING AGREEMENT (MODERATE MARKET RENTAL HOUSING) BYLAW NO. 10528 AND HOUSING AGREEMENT (MARKET RENTAL HOUSING) BYLAW NO. 10522 TO PERMIT THE CITY OF RICHMOND TO SECURE MODERATE MARKET RENTAL AND MARKET RENTAL UNITS AT 8880 COOK ROAD AND 8751 CITATION DRIVE

the rental rates and income thresholds that will be secured by the Housing Agreement. Maximum rent rates are set at 30 per cent of the HILs, divided by 12 (months). Table 2: Moderate Market Rental Unit Rental Rates and Income Threshold Proposed Initial Moderate Income Rental Rates and Minimum Unit Size Based on Income Thresholds based on HILs (2023) Affordable Housing Strategy Unit Type Maximum Rental Income Thresholds Minimum Unit size (ft2) Rates Studio $1,400 $58,000 400 ft2 1-Bedroom $1,400 $58,000 535 ft2 2-Bedroom $1,800 $72,000 741 ft2 3-Bedroom $2,150 $86,000 980 ft2 In addition to setting maximum rents and income thresholds, the Housing Agreement will protect tenants from age-based occupancy restrictions, limits on access to indoor and outdoor amenity areas, and the imposition of fees including parking fees, strata fees, amenity fees and move-in/move-out fees. The Agreement provides for an annual statuto1y declaration to ensure compliance with the terms of the Agreement. Should the owner choose to sell the moderate market rental units, the Agreement requires that all of the units be maintained under single ownership. The Housing Covenant will be used to secure the minimum unit sizes outlined in Table 2 in addition to identifying and securing the

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