The beachside community of Kitsilano isn’t exactly the area to look for budget rentals.
However, a number of units in a proposed rental project are projected to be cheaper than similar places in the trendy Vancouver neighbourhood.
Twenty percent of the 63 units in the development at 1805 Larch Street will be reserved for moderate income renters.
The 13 below market units will have starting rents of $950 for a studio unit; $1,200, one bedroom; $1,600, two beds; and $2,000, three bedrooms.
The project is being considered by the City of Vancouver under its Moderate Income Rental Housing Pilot Program.
The program seeks to encourage developments where 100 percent of the residential floor area is rental housing.
The program’s key feature is the allocation of 20 percent of units for renters with moderate incomes of $30,000 to $80,000 per year.
Developers are entitled to incentives, including exemption from payment of development cost levies.
Jameson Developments has contracted Metric Architecture to design the project.
The design rationale submitted by the architectural company notes that rents in the 13 units for moderate income tenants will be “substantially lower than anything comparable in this neighborhood”.
According to the city, the Moderate Income Rental Housing Pilot Program is intended to create “affordable rentals”.
To ensure that the units are affordable, tenant eligibility will be verified at initial occupancy and on an ongoing basis, the city explains online.
For new tenants, their household income should not exceed four times the annual rent. For current tenants, their income cannot go over five times the rent.
Tenants who no longer qualify will be issued a six-month notice to end occupancy.
The Kitsilano development site used to be the location of the St. Mark’s Anglican Church.More