April 23rd, 2024

On April 8th, Council authorized staff to explore opportunities to retain an independent organization to manage the Low-End Market Rental (LEMR) program and to report back to Council with the results. Specifically, staff were authorized to engage in discussions with BC Housing to determine whether they could be secured to manage and operate existing and future LEMR units. If discussions are unsuccessful in securing BC Housing as the sole manager and operator for LEMR units, staff were directed to explore alternative opportunities to retain an independent organization to manage the program. 

An engagement session on the LEMR Program will be held during the May 29th Richmond Liaison Committee meeting. 

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

March 26th, 2024

On March 19th, a report went to Planning Committee seeking authorization for City staff to engage in discussions with BC Housing, to determine if and how BC Housing could be secured to manage and operate existing and future Low-End Market Rental (LEMR) units and report back to Council on these discussions by the beginning of Q4 2024.

Additional actions proposed included:

• Alternative to securing BC Housing as the sole manager and operator of LEMR units, exploring opportunities to retain an independent agency to manage the LEMR program and report back to Council on the progress of this exploration by the beginning of Q4 2024;
• Carrying out an analysis of the income thresholds and maximum rental rates supporting the current LEMR program and report back to Council on the findings of this analysis, including potential recommended changes to the LEMR program, by the end of 2024; and
• Updating the Affordable Housing Guide to distinguish between developments that have income thresholds and maximum rents based on BC Housing's HILs, and those based on the rates set within the current LEMR program framework, by the end of Q2 2024.

City staff will provide Council with updates on the progress of the above-listed action items. Where required, City staff will seek further direction from Council to proceed with measures that will further improve the structure of the LEMR program and the corresponding management of LEMR units.

In addition to these action items, with a gradual return to pre-pandemic conditions, City staff will also be undertaking a review of current LEMR income thresholds and maximum rents, and report back to Council later in 2024.

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