VANCOUVER – Vancouver city council has approved three projects intended to bring more moderate rental incomes homes to the region.
The three projects under the city’s Moderate Income Rental Pilot Program (MIRHPP) will provide more than 50 new below-market homes for individuals, couples and families including 14 studio apartments renting at an average of $950 per month, 16 one-bedroom apartments renting at an average of $1,200 per month. 15 two-bedroom apartments renting at an average of $1,600 per month and 11 three-bedroom apartments renting at an average of $2,000 per month.
two projects located at 3600 and 3680 East Hastings Street were approved on January 29, consisting of a combined 212 new rental homes with 43 secured at below market rents with commercial space at street level. A five-storey project located at 1956-1990 Stainsbury Avenue that will provide 80 new rental homes with 13 secured at below market rents was approved by council on Jan 21.
Moderate income rental housing is defined as “privately-owned, purpose-built rental housing that is permanently secured and made available to households earning $30,000 to $80,000 per year,” a City of Vancouver release stated.
Rent for these homes cannot be increased by more than the maximum annual allowable 2 per cent rate year to year, and cannot be increased when a new household moves in, in order to ensure the homes remain affordable over time.
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