City Council - November 12, 2024 - Minutes - City of Richmond, BC

26 . UPDATING THE LOW-END MARKET RENTAL (LEMR) PROGRAM TO SUPPORT THE DELIVERY OF AFFORDABLE HOUSING (File Ref. No. 08-4057-05) (REDMS No. 7783121, 7861406) ( 1 ) That, as described in the report “Updating the Low-End Market Rental (LEMR) Program to Support the Delivery of Affordable Housing” dated October 16, 2024, from the Director, Housing Office, the proposed Low-End Market Rental Maximum Rent and Income Thresholds as outlined in Option 2 be endorsed; ( 2 ) That staff implement changes to the City of Richmond Affordable Housing Strategy, 2017 – 2027, to recognize the Low-End Market Rental Maximum Rent and Income Thresholds endorsed by Council; ( 3 ) That the Low-End Market Rental Maximum Rent and Income Thresholds be used in housing agreements for any conditionally approved rezoning applications, being those for which a zoning amendment bylaw has been given third reading and an associated housing agreement has yet to be executed as of November 12, 2024, notwithstanding the terms of any executed rezoning considerations letter; and ( 4 ) That the Low-End Market Rental Maximum Rent and Income Thresholds be used in any future housing agreement associated with a new or in-stream development application for which conditional approvals have yet to be granted. ADOPTED ON CONSENT

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