Moderate income earners in Vancouver will have access to more than 50 new below-market rental homes following the City Council’s approval.
The homes will be for individuals, couples, and families. The council approved one project at 1956-1990 Stainsbury Avenue earlier this month and on Wednesday gave the go-ahead for two further projects, at 3600 and 3680 East Hastings Street.
These new approvals will be within projects that add 212 new rental homes to the market, with 43 below-market rents.
The below-market rentals are part of the City’s Moderate Income Rental Pilot Program (MIRHPP).
Moderate income rental housing is privately-owned, purpose-built rental housing that is permanently secured and made available to households earning $30,000 to $80,000 per year.
Rents cannot be increased by more than 2% per year and cannot be increased when a new family moves in.
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