Housing Agreement (Affordable Housing) Bylaw No. 10735 and Housing Agreement (Market Rental Housing) Bylaw No. 10736 to Permit the City of Richmond to Secure Low-End Market Rental Homes and Market Rental Homes at 8620, 8640 and 8660 Spires Road per RZ 22-023633

The development proposes the construction of 90 rental tenure homes of which 22 will be secured as Low-End Market Rental (LEMR) homes and 68 will be secured as market rental homes. Overall, the development proposes 41 per cent of all rental tenure homes as family-friendly (two-bedroom or more homes). Low End Market Rental Homes The total residential floor area of the 22 LEMR homes will be approximately 1,785 m² (19,213 ft²) or 0.765 floor area ratio (FAR) which comprises approximately 28 per cent of the net residential floor area of the project. A Housing Covenant will be used to secure the total floor area of the LEMR homes in addition to the minimum sizes, the location, and the allocation of vehicle parking spaces to the homes. Table 1 summarizes the proposed bedroom mix, proportion of family-friendly homes, and homes with Basic Universal Housing (BUH) design. Approximately 82 per cent of the LEMR homes will be family-friendly and the same percentage of homes will include a BUH design, supporting the ability of tenants to age-in-place. Overall, the number, sizes and mix of LEMR homes uphold the objectives of the Affordable Housing Strategy and applicable policies of the City’s Official Community Plan (OCP). The 22 LEMR homes will be dispersed throughout the six-storey building. The Applicant has agreed to the Terms and Conditions set out in the Agreement and to register notice of the Housing Agreement on Title.

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