Affordable Housing Strategy – Affordable Housing Special Development

Introduction:

The Richmond Affordable Housing Strategy specifics the primary use of affordable housing reserve funds for subsidized rental housing means that rental housing is affordable to low-income families. The proposed amendment to the Strategy includes provisions for a Council-approved affordable housing special development circumstance to support opportunities to leverage funding, partnerships, and delivery of affordable housing and community supports for specific tenant populations.

A  major assumption of the Strategy is that effective affordable housing solutions are the result of long-term, stable policies and strategic innovations that enable an expanded range of options along with key points of the housing continuum. It is the City’s preferred approach to disburse affordable housing units throughout development to support mixed-income, inclusive communities to emerge.

The Affordable Housing Special Development Circumstance criteria, requirements, and key elements outlined in the report will provide a sound framework to support socially innovative, multi-stakeholder partnerships to address critical affordable housing, community and long-tenn sustainability goals (Le. financial, social, community and environment).

Highlights of the Proposed Affordable Housing Special Development Circumstance Criteria:

1. AHSDC proposals are to be reviewed on a “project specific” basis and are subject to Council approval to:

a. Secure rents below the Affordable Housing Strategy stipulated rents for low end market rental units (subsidized rental housing);

b. Require financial assistance to support eligible non-profit housing providers to seek and secure fnancial support for Senior levels of government and private partnerships; and

c. Meet the funding priorities as set out in the City’s Affordable Housing Reserve Fund Policy and Affordable Housing Strategy for subsidized rental housing.

2. A Council approved AHSDC project will:

a. Incorporate sustainable development principles;

b. Include physical and social accessibility requirements and opportunities; and

c. Build on the vast community network of multi-sector partnerships to develop a local response to Richmond’s affordable housing needs.

3. Staff will work with the development sector and community to identify future projects that will meet identified community needs and the Council approved AHSDC project requirements.

4. The City’s standard Housing Agreement and Housing Covenant tenns do apply to a Council approved AHSDC projects. Additional business terms, legal agreements or operations policics may be developed with respect to:

a. Ownership and management;

b. Maintenance and upkeep of the units, common indoor and outdoor areas;

c. Resident and occupancy management policies;

d. On-going capital and operating funding and budget considerations; and

e. Other project-specific considerations.

Affordable Housing Special Development Circumstance (rental housing):

A key assumption of the “Strategy” is that effective affordable housing solutions are the result of long-term, stable policies and strategic innovations that enable an expanded range of options along key points of the housing continuum.

It is the City’s preferred approach to disburse affordable housing units throughout a development. Clustered groups of affordable housing units on one floor or in one location will only be considered if a sound business and social programming approach has been identified and demonstrated at the time of the development application being submitted to the City for Council consideration, which:

• Supports the affordable housing needs of the intended tenant population;

• Meets the City’s Affordable Housing Special Development Circumstance requirements, criteria and key elements as defined; and

• Exemplifies a high level of social innovation.

Conclusion:

The Affordable Housing Special Development Circumstance criteria, requirements, and key elements outlined in the report will provide a sound framework to support socially innovative, multi-stakeholder partnerships to address critical affordable housing, community and long-term sustainability goals (Le. financial, social, community and environment).

Further, the AHSDC requirements and criteria will support the effective use of Affordable Housing Reserve Funds, City policy, and design principles to support:

• Equitable access to opportunities;

• Project viability;

• Tenant well-being and liveability; and

• Conununity connections for low-income households in Richmond.

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