The City of Richmond has approved a $10 million grant program to encourage the development of at least 220 more affordable rental homes across the city.
Endorsed by Council at its November 25 meeting, the Housing Priorities Grant Program is supported through the Federal Government Housing Accelerator Fund (HAF) that encourages municipalities to expedite the building of more affordable rental housing.
“The City’s Affordable Housing Strategy identified affordable rental housing as a key priority,” said Mayor Malcolm Brodie. “This grant program will provide eligible applicants with additional funding to get their projects built, providing much-needed homes for families, seniors, Indigenous peoples, and others. It will build the capacity of non-profit organizations to support the delivery of affordable housing across Richmond.”
There are two main funding streams for the grant program:
- Non-Profit Organization and Cooperative Grant Funding: Eligible organizations can apply for up to $40,000 per affordable rental home to offset development cost charges and other fees. They can also apply for up to $50,000 to offset the costs of feasibility studies for new affordable rental housing developments.
- For-Profit Homebuilder Funding for Additional Affordable Rental Homes: While not usually eligible for government-funded grants, the program will enable for-profit homebuilders to apply for relief of up to 75 per cent of the cost of development cost charges for the voluntary delivery of affordable rental housing above existing policy targets or zoning requirements.
“As a lifelong Richmond resident, working to develop generational housing affordability and missing middle options for people is vitally important,” said Parm Bains, MP for Steveston-Richmond. “I am proud our federal government is partnering with the City to accelerate the development of safe and affordable housing. Together, we are shaping a stronger, more inclusive Richmond where everyone has a place to call home.”
“Through the Housing Accelerator Fund, we are turning ambition into action and delivering real, lasting progress for the people of Richmond,” said Wilson Miao, MP for Richmond Centre. “We applaud the City of Richmond for its leadership and dedication to building more homes faster and addressing housing supply needs in our community.”
The Housing Priorities Grant Program will launch in January 2025, and has the potential to generate over 220 new affordable rental homes in apartment-style construction throughout Richmond within the next three to six years. Each application will come to City Council for consideration and approval.
For more information, go to richmond.ca/AffordableHousing or email affordablehousing@richmond.ca.