CITY-OWNED PROPOSED AFFORDABLE DEVELOPMENT
The City of Vancouver is seeking proposals to build an estimated 500 new units of affordable housing on six City-owned sites, the latest step to have more affordable rental housing built in Vancouver.
Today, the City is launching More Homes, More Affordability, a program that seeks creativity and innovation through partnerships to build below-market housing which will be operated through a long-term land lease from the City. The program aims to move the city closer to its housing targets as set out in the City’s 10-year Affordable Housing and Homelessness strategy, and aligns with the policy recommendations from the Mayor’s Task Force on Housing Affordability.
“Increasing affordable housing options in Vancouver is a top priority for this council, and this is our latest step to get affordable housing built now,” said City of Vancouver Mayor Gregor Robertson. “Ensuring that Vancouver has affordable housing is crucial to building an inclusive, diverse city that supports local jobs and investment, limits sprawl, and creates opportunity for people of all ages.”
Six sites have been identified in Kensington-Cedar Cottage and Killarney for the potential development of about 500 new rental units, with targeted completion for the end of 2015. The land is being made available for redevelopment to successful consortia of not-for-profit and private sector applicant teams in exchange for a nominal, long-term ground lease.
“We need a wide range of new housing in Vancouver to address our affordability crisis,” added Mayor Robertson. “The housing we want to produce through More Homes, More Affordability is targeted to people who can only afford rents which are below the current market levels.”
Applicant teams interested in building affordable housing through More Homes, More Affordability are encouraged to review the City’s expression of interest document. Submissions are due by September 18, 2012 and shortlisted candidates will be announced in October. A more detailed Request for Proposals will be issued in October and projects will be awarded in early 2013.