At their meeting on May 26th, Council directed staff to prepare the necessary bylaw amendments to implement the density bonus program updates. 

Staff will prepare amendments to Section 140 (General Regulations) of the Zoning Bylaw, for Council consideration, to achieve the following: 

· Affirm the existing density bonus cash-in-lieu rate ($15.40 m2 ) 

· Introduce a physical ‘build’ option (0.3% of bonus floor area) 

· Establish a minimum floor area requirement for in-kind housing contributions 

· Secure in-kind housing contributions by Housing Agreement 

· Require in-kind housing contributions to be owned and operated by a government agency or non-profit housing provider 

· Require in-kind housing contributions to be rented for less than the CMHC median market rent and to a tenant earning a moderate income 

· Establish a duration for which in-kind housing contributions must remain affordable (e.g. 60 years or the life of the building)

Additional information can be found in the full report by City staff and Methodology Report.