At General Purposes Committee Meeting on November 18th, Council endorsed the proposed framework for a Housing Priorities Grant Program and directed staff to bring forward eligible applications received through the program for Council consideration. On January 22, 2024, the City announced a three-year partnership with the federal government to add 1,022 homes using $35.9 million from the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund (HAF). As part of the initiative, it is proposed that $10 million in funding be allocated to the Housing Priorities Grant Program with a target of accelerating the development of 220 affordable rental homes. 

Staff propose two main funding streams for the allocation of HAF funding, outlined below. Affordable rental housing has rents, or in the case of housing cooperatives "housing charges", that generally do not exceed the maximums established within the City's Low-End Market Rental (LEMR) program or, where BC Housing's Household Income Limits (HILs) are used, housing for which annual rents do not exceed 30 per cent of the HIL. All eligible applications will be brought forward for Council consideration.  

1. NPO and Cooperative Grant Funding: Provision of grant funding to NPOs and Cooperatives to offset Development Cost Charges (DCCs) and other costs to develop affordable rental housing.  

2. For-Profit Homebuilder Funding for Additional LEMR Homes: DCC offsets provided to for-profit home builders who deliver voluntary affordable rental housing above existing policy targets or zoning requirements. 

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