New grant program to increase affordability of housing projects in Vancouver
Community Housing Incentive Program will deliver $25 million in grants to non-profit organizations
Vancouver renters will benefit from deeper affordability in their homes following the approval of a new housing grant program by Council today.
Funded by revenue from the Empty Homes Tax and the City’s capital budget, the $25 million 2019-2022 Community Housing Incentive Program will provide housing providers with grants which will increase the affordability of social and co-op housing projects.
The new program is a key way to deliver on the goals of Housing Vancouver PDF file (10 MB) by supporting the work of local non-profits, who play an important role in both operating and delivering housing affordable to low-income households.
The new program replaces the Housing Infrastructure Grant Program, which between 2015 and 2018:
- Supported 10 projects
- Provided $10.8 million in grants
- Enabled the delivery of 780 non-market homes
In consultation with non-market housing providers, staff revised the existing program to target a higher funding contribution from the City, increasing the number of homes that rent at shelter rate and Housing Income Limits (HILs) through new projects and redevelopment.
The City’s in principle funding commitment aims to put non-profit and co-op housing providers in a strong position to attract other funders, including federal and provincial partners. Each grant under the new program would be a capital contribution towards the construction of a non-profit or co-op housing project.
The grants will be open for applications later this year, with more information coming soon regarding how the new process will work.