Five housing projects in Richmond could get significant funding to help build 347 rental units, including a seniors home on Railway Avenue.
City council is looking at allocating about $9.3 million from the federal Housing Accelerator Fund – earmarking $2.32 million to the Kiwanis Senior Citizens Housing, $4.16 million for BC Indigenous Housing Society, $1.764 million for Sun Valley Rental, $1 million to a numbered company and $108,000 to a smaller project.
The City of Richmond received $35.9 million last year from the federal government for housing projects.
The Kiwanis seniors building was approved in 2023 with half of its 58 units earmarked for market rental and the other half as low-end market rentals.
However, if this grant is approved, they plan to build 100 per cent rental.
The 165-unit elder housing project proposed by the British Columbia Indigenous Housing Society at 4100 Chatham St., however, hasn’t come to city council yet.
The society applied for more than $6 million, but city staff is recommending $4.16 million for this project given it’s not shovel ready.
Three projects have applied for development cost charge (DCC) offsets to help build rental units. In a report going to city council, staff say these three projects met eligibility criteria and could get 75 per cent off their DCCs.
These projects are the redevelopment of Sun Valley Terrace at 6071 Azure Rd., 8880 Cook Rd. – in the Spires Road neighbourhood – and a seven-unit project at 9000 No. 3 Rd. at the corner of Francis Road.
These projects will have only a portion of the units as low-end rentals that are eligible for DCC offsets.
The housing accelerator fund must be used by Dec. 14, 2027 or it will be returned to the Canadian Housing and Mortgage Corporation.
The housing grants will be dealt with at Monday’s general purposes committee meeting.
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