A pilot program created by the City of Vancouver has designated eight rental units of a six-storey rental building for moderate-income tenants.
Vancouver council approved the homes today under the city’s Moderate Income Rental Pilot Program (MIRHPP). The building, at 3084 West 4th Ave. and Balaclava St., will add 35 rental units to the Kitsilano neighbourhood.
According to statistics provided by the City of Vancouver in a recent press release, just over half of all Vancouver households rent their homes. The release states that 40 per cent of those renters have annual incomes between $30,000 and $80,000. The eight moderate-income units of the building are seemingly intended for renters with this level of income.
Under the MIRHPP, all 35 units are secured as rental housing for 60 years or the life of the building. This being the eleventh MIRHPP project approved by city council, the number of moderate-income households created by the program now stands at 272 with 1,061 secured market rental units.
'Building a city that works for everyone'
This is the eleventh MIRHPP project approved by Council, bringing the total number of units approved under the pilot program for moderate-income households to 272, plus an additional 1,061 secured market rental units.
“Building a city that works for everyone means supporting projects like these with homes guaranteed for people like nurses, retail workers, and seniors,” said Vancouver mayor Kennedy Stewart. “After years of being squeezed out, I can't wait to see more middle-income renters return to Kitsilano thanks to these homes.”
The new market and below-market rental homes will increase housing options and vacancy rates in the neighbourhood, according to the City of Vancouver.
Gil Kelley, general manager of planning, urban design and sustainability for the City of Vancouver says adaptive change is needed to address the shortage of housing for Vancouver renters.
“Innovative programs like MIRHPP that bring more affordable, secure rental options to all areas of Vancouver are a key element in supporting this change, as we try to meet the needs of our residents and the city’s growth,” Kelley said.
Construction of the project is expected to generate approximately 122 off-site and on-site jobs.