Vancouver rental with $4,000 monthly charge for three-bedroom unit qualifies as affordable housing
Vancouver city council has referred to public hearing a rezoning application for a rental development in Kitsilano.
The development will have starting rents of $4,000 for a three-bedroom unit; $2,925, two bedrooms; $2,200, one bedroom; and $1,950, studio.
A staff report to council stated that the development at 1805 Larch Street is “consistent” with the city’s definition of “for-profit affordable rental housing”.
Having met the standard, the project is deemed eligible for exemption from paying development cost levies or DCLs.
The cost of the waiver for DCLs in this development is estimated at $1,264,918.
The rents in these units are considered affordable for renters earning between $78,000 and $160,000.
The development also qualifies for other city incentives like increased height and density.
The rezoning application was made under the city’s Moderate Income Rental Housing Pilot Program or MIRHP.
The program is intended to deliver all-rental projects where a minimum of 20 percent of the residential floor area will be used for moderate income rental units.
Thirteen of the 63 rental units will be for moderate income renters.
The starting rents for these units are: $2,000 for a three-bedroom unit; $1,600, two bedrooms; $1,200, one bedroom; and $950, studio.