Tackling Housing Affordability
Metro Vancouver is experiencing a crisis in housing affordability and there is a need for innovative solutions to the crisis. The Mayor’s Taskforce on Affordable Housing and its housing and homelessness strategy catalysed the creation of the Vancouver Community Land Trust Foundation, a unique collaboration between the municipality, social finance institutions and non-profit housing organizations. The Land Trust’s purpose is to acquire, create and preserve affordable housing for future generations. The Land Trust’s current project is the creation of 358 units on four sites of non-market rental housing, supporting a range of income mixes from just below market to highly subsidized and unit sizes to accommodate individuals and families. The City of Vancouver is leasing the land at the four sites through 99-year leases at a nominal rate, effectively a $24 million investment in the project.