Vancouver Council has approved the first two rental projects under its Moderate Income Rental Pilot Program (MIRHPP), which will provide much needed below-market housing for individuals, couples, and families.
"The MIRHPP program is the best way we have to build homes for living wage and middle income households," said Mayor Kennedy Stewart. "These below market units are vital for ensuring that our friends and neighbours are able to stay in Vancouver, and I'm proud that our Council continues to deliver this much needed housing."
Projects
The first project, located at 2543-2583 Renfrew Street and 2895 East 10th, will deliver 96 new rental homes, with 19 secured at below market rents, and 35% of these homes will be suitable for families.
The second project, located at 2603-2655 Renfrew Street, will deliver 82 rental homes, 18 of which will be permanently secured, below-market.
Both projects are seven stories, and will have commercial space at street level, providing easy access to shops and services for local residents.
"These types of homes are critical to keeping more middle income households, including our nurses, firefighters, bus drivers and teachers, housed within the city," said Gil Kelley, General Manager of Planning, Urban Design and Sustainability. "To ensure that these moderate income rental units remain affordable over time, the rent cannot be increased by more than the maximum annual rate year to year, and will also be controlled when a new household moves in."
Moderate income rental housing is privately-owned, purpose-built rental housing that is permanently secured and made available to households earning $30,000 to $80,000 per year. Rents will be set at a maximum average starting rents of $950 per month for studios, $1,200 for one-bedroom apartments, $1,600 for two bedrooms, and $2,000 for three bedrooms.
An additional nine projects have reached the rezoning application stage, including a project at 1805 Larch Street, which will continue at Public Hearing on Tuesday, December 17 at 6pm.