A non-profit housing society and the City of Vancouver are working together to build more than 1,000 affordable homes on city land valued at $130 million.
Community Land Trust will work with the Vancouver Affordable Housing Agency to develop 1,039 units on seven sites as affordable rental housing, with occupancy expected by 2021.
The new homes will be operated by several non-profit housing societies and will be designed for singles and families earning between $30,000 and $80,000 annually.
Ninety of the units located in the downtown core will provide self-contained, safe and secure housing for women, while 169 units in the same area will be tailored to the needs of the HIV and LGBTQ community and their families.
The city says in a news release that 40 homes will be added to a townhome complex in Vancouver’s River District and roughly 600 remaining units will be operated by other co-op and non-profit partners to be named in the coming months.
Huge news. @MayorGregor announces City awarding 7 sites of city land to Comminity Land Trust. More than 1,000 below market units. Biggest one-time investment by a city into non-market housing in Canadian history #vanpoli pic.twitter.com/NJcIPUEplt
— Kevin Quinlan (@KQ_VanCity) May 4, 2018
Mayor Gregor Robertson says it’s the single largest investment in community housing of any city in Canada.
“Today is a big day for over 2,000 Vancouver residents who want to put down roots in our city but are struggling to find long-term affordable housing.”
He says the land contribution is the latest step taken in Vancouver to ensure people with low to middle incomes can find a home and build a future in the city.
Work on the first building is expected to begin by the middle of next year, the release says.