Units will provide much needed housing for singles, seniors and families on low to moderate incomes
The Vancouver Affordable Housing Agency (VAHA) has released a Request for Proposal (RFP) to develop nearly 900 units of new affordable rental housing on seven City-owned sites, worth approximately $79 million. VAHA will lease the land to partners to build, fund and operate these new rental developments.
With rental vacancy rates at 0.8 per cent, one of the lowest in Canada, the City is facing a housing crisis. These sites were allocated to VAHA by Vancouver City Council to enable the development of new affordable rental housing, part of the City’s strategy on addressing the housing crisis.
These new developments will offer a mix of housing to meet the needs of singles, families and seniors earning low to moderate incomes. Rental rates for all units will target below market rates. Deeper affordability could be achieved through strategic partnerships with senior levels of government, and non-profit organizations and foundations.
“Finding secure, affordable rental housing in Vancouver is a big challenge, particularly for people with low to middle incomes,” says Mayor Gregor Robertson. “City Hall continues to explore every opportunity to build new affordable housing, and developing 900 new homes on city land for renter households earning under $80,000 is another step we’re taking to deliver housing for people who live and work in Vancouver. Offering city land for development keeps housing costs down for renters, and with investments from the BC and federal governments, we can make these 900 new homes even more affordable.”
“We’ve heard that residents want bold action on addressing the housing crisis, and this RFP puts us on the path to do just that,” says Luke Harrison, CEO, VAHA. “The door is open to any and all qualifying organizations and big ideas on how to develop these seven City-owned sites to create the most affordable rental units. We look forward to hearing from the industry and working together to reach our goals.”
To view the RFP in its entirety, check<http://bids.vancouver.ca/bidopp/openbid.htm>. For more information on the Vancouver Affordable Housing Agency, visit: vaha<http://vancouver.ca/your-government/vancouver-affordable-housing-agency.aspx>.ca