Improving the availability of appropriate, affordable and accessible housing choices for all existing and future residents is a key city goal. Affordable housing is regarded as an integral element of creating a liv-able and appealing city for everyone.
As with all Lower Mainland municipalities, the City of Richmond has been experiencing an increasing need for additional affordable housing for its citizens. Richmond's housing sector has seen significant and continued growth, resulting in the escalation of real estate prices and rental rates alike.
These rising costs have proven out of reach for an increasing number of Richmond citizens.
The City of Richmond's Affordable Housing Strategy, introduced in 2007, recognizes the importance of ensuring that all residents have access to suitable and appropriate housing with the necessary community supports to serve the needs of a diverse population.
A central focus of this strategy is to ensure that the city is successful in providing a range of housing options for households of different ages, family types and incomes.
The strategy establishes three key affordable housing priorities, housing types, and eligibility requirements. This includes three tenant annual income thresholds:
1. Subsidized rental housing for households with incomes of $34,000 or less.
2. Low-end market rental housing for households with incomes between $34,000 and $57,500 or less.
3. Entry-level home ownership for households with incomes below $60,000.
The city's current focus is on the 1st and 2nd priorities identified above, however, community input on the 3rd priority is welcome as we create new policy in this regard and as we make further progress on affordable housing.
Since council adopted the strategy in 2007, the city has secured commitments to create over 1,700 affordable housing units in Richmond.
In addition, we have achieved occupancy for 34 units of low end market rental units, which have been rented out to eligible tenants.
The units are being managed by private property management companies and in accordance with the city's requirements for affordable housing management.
The city oversees the occupancy eligibility requirements (i.e. eligible rent, income, and household composition). The rental rates and income level maximums for the lower-end market rental housing units are updated annually.
Council approved the 2013 updated rates in March.
Currently, the city is partnering in a number of major affordable housing projects. These include:
? The Kiwanis Towers development, which will provide 296 new senior affordable rental units in a city centre location with close proximity to Minoru Park, amenities, services and transit. Groundbreaking for the new towers was held in early April and the towers are expected to be completed by 2015;
? A proposed 14-storey tower with 123 independent, supportive and affordable rental housing units, as well as office and meeting space for community use.
It will be built on city land on Granville Avenue, just east of No. 3 Road. The city has received a development permit application from the partner agencies and is working with them to secure funding for the project;
? A proposed 15-unit transitional housing project with access to child care, amenity spaces and community services to support lone parent families with children to gain self-sufficiency.
Our strategy recognizes the city alone cannot adequately address the affordable housing needs of its citizens. It requires the valuable input of our partner governments, other agencies and community members.
