A new initiative could see the city building more housing, below-market rates, on municipally owned land.
The 2021-2031 麻豆精选 Housing Needs Assessment (HNA) outlined that the most significant challenge facing the city鈥檚 housing system is the shortage of subsidized rental housing.
A report to council says that over the past few years, the rate of new subsidized housing being built has been about 45 homes per year.
However, the estimated need is 450-640 homes per year.
Staff are recommending a new approach using city-owned property and low-cost financing through agencies such as the Canada Mortgage and Housing Corporation.
The program, Middle Income Housing Partnership (MIHP), aims to provide homes at 20 per cent below market rents to moderate to average-income households.
Staff note that continued partnerships with BC Housing, through the Community Housing Fund, are still needed to address housing for low-income households.
To move the MIHP forward staff will investigate several parcels of city-owned land which could be suitable for subsidized housing projects.
Council will review the MHIP at its Feb. 5 regular meeting.
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