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Post : City of Vancouver proposes housing endowment valued at over $2B
URL : http://globalnews.ca/news/4273569/city-of-vancouver-proposes-housing-endowment-valued-at-over-2b/
Posted : June 14, 2018 at 5:10 am
Author : mmorton980
Tags : Affordable Housing, City of Vancouver, housing endowment, housing stratedy, rental units, Vancouver endowment, Vancouver housing, Vancouver rental
Categories : News, News, Politics

In an effort to tackle the housing crisis, the City of Vancouver is proposing a $2-billion housing endowment.

The move is part of the city's 10-year housing strategy and comes before council at next Tuesday's meeting.

Assistant Director of Planning Dan Garrison says the proposal is to consolidate city-owned, non-market land and buildings into a single portfolio.

[readmore label="READ MORE: " link="https://globalnews.ca/news/4267960/vancouver-rental-costs/"]

"That portfolio will have a clear mandate to preserve and grow the city's affordable housing stock, it's a big move for the city to make," he said.

"The total assets that we're proposing to transfer into the fund will be over 200 non-market housing assets with an assessed value of over $2-billion."

He says the goal is to create 12,000 social and supportive units over the next 10 years, as well as 20,000 rental units -- four to five-thousand of those having secured levels of affordability.

[readmore label="READ MORE: " link="https://globalnews.ca/news/4270014/former-bc-ndp-premier-mike-harcourt-says-speculation-tax-needs-a-famous-second-look/"]

He says this proposal doesn't entail any new funds because it would consolidate non-market city-owned land and buildings.

"First it would consolidate the existing assets into that fund, and second it would provide a vehicle that we can deliver our new capital funding and our new non-market housing assets that can be generated through things like private development into this fund," he said.

"Then it can be operated in a way that's looking at the optimum way to use those assets -- to deliver more affordable housing."

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