Studio unit for $950: Proposed East Vancouver rental allots space for moderate income earners

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      Moderate income households will get a chance to live in a proposed rental building in Vancouver.

      An application has been filed to rezone a commercial property at 2810 and 2830 Grandview Highway, and develop a six-storey mixed-use building.

      A total of 57 rental homes are planned on the upper floors of the building, and 20 percent of the residential floor area will be occupied by moderate income tenants.

      The application is being made under the City of Vancouver’s Moderate Income Rental Housing Pilot Program.

      The program seeks to encourage rental housing projects, where at least 20 percent of the residential floor area is intended for households making $30,000 to $80,000 per year.

      The city explains online that the targeted rents in moderate income rental units are $950 for studio units; $1,200 for one bedroom; $1,600 for two bedrooms; and $2,000 for three bedrooms.

      “Tenant eligibility for moderate income rental units will be verified by the building’s management at initial occupancy and on an ongoing basis,” the city notes.

      For new tenants, household income cannot exceed four times the annual rent.

      For existing tenants, household income cannot exceed five times the rent.

      “If an existing tenant no longer qualifies for their moderate income rental unit, the operator will issue a six-month notice to end tenancy, in accordance with the BC Residential Tenancy Act,” the city states.

      The city also notes that rent increases in the moderate income units will be capped according to annual allowable increases under the B.C. Residential Tenancy Act, “regardless of unit turnover”.

      The project by Form Projects Inc. and Ventana Construction Corporation will have commercial uses on ground level.

      The Grandview Highway property is located between Kaslo and Renfrew Streets.

      Developers applying under Moderate Income Rental Housing Pilot Program are entitled to incentives. These include additional height and density, waiver in paying development cost levies, parking reductions, relaxation of unit sizes, and expedited processing.

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