Metro Vancouver is suffering from a shortage of affordable housing.

With a portfolio of 49 mixed-income rental housing properties across the Lower Mainland, the Greater Vancouver regional government can help ease the problem.

According to Don Littleford, director of housing in the region, the district can do so by moving forward with the redevelopment of its housing sites.

In a report included in the agenda Friday (February 12) of the Metro Vancouver Housing Corporation (MVHC), Littleford informed the board about draft guidelines to evaluate which properties will be redeveloped.

These will follow the expansion of the district-owned Heather Place, a townhouse complex of 86 units in Vancouver.

In 2014, Vancouver city council approved the rezoning of the 87,511-square-foot property between 13th and 14th avenues and Willow and Heather streets to allow the construction of three buildings with 230 housing units.

Metro Vancouver has yet to secure building permits for construction to start at Heather Place. Tenants in the housing complex will remain on site during the phased development.

In his report, Littleford recalled that the MVHC board last year directed staff to file a preliminary report before the end of 2016 on three housing sites that may be considered for redevelopment.

Littleford listed a number of selection criteria, starting with potential for more housing. According to him, “a site which can add more units with redevelopment should be favoured”.

The housing director also said that proximity to transit is also a major factor: “This is a particularly important consideration for individuals and families that seek out rental accommodation which tend to have lower and moderate incomes.”

Another consider is the potential to sell density: “Any MVHC redevelopment project will need seed capital to avoid negative cash flow due to a high project debt load,” Littleford explained. “However, the MVHC has no source of seed capital other than modest contribution to reserves based on maturing mortgages and cessation of mortgage payments. The only source of equity capital is to sell some density achieved in a rezoning.”

Littleford also said that federal funding may hasten the redevelopment of the region’s housing assets.

He recalled that during the last national election, the current federal government “raised the prospect of stimulus funds directed at infrastructure, including housing”.

“Should this transpire, the amount and terms of such funding will be immediately reviewed with the MVHC Board. This may shift the redevelopment review markedly,” Littleford said.

The MVHC board is expected to approve the criteria for redevelopment of the next three housing sites in April this year.