Housing Affordability Strategy Implementation
In December 2016, Council received a presentation and report on the first year of implementation of the Strategy.
Short-Term, High-Priority Actions from the Housing Affordability Strategy
- Consider concentrating higher densities and a broader variety of dwelling types and tenures near transit, through the completion of the Burquitlam-Lougheed Neighbourhood Plan;
- Encourage the development of designated market rental units (purpose-built and/or strata available for rental) through a suite of incentives as identified in the HAS;
- Review Zoning Bylaw density, parking, amenity space and other requirements to encourage the development of purpose-built rental housing;
- Consider permitting additional rental floor space above standard density allowances to encourage purpose-built rental subject to servicing, traffic, parking and urban design considerations;
- Employ a series of regulatory incentives to preserve existing rental and co-op housing;
- Contribute a portion of density bonusing into the AHRF based on the City’s Zoning Bylaw for the purpose of fostering housing affordability in accordance with the AHRF guidelines;
- Complete the sale of three City-owned sites in the Northeast previously identified for affordable housing, and direct one-third of the proceeds to immediately “jumpstart” the AHRF;
- A call for submissions and promotion of the availability and use of the AHRF;
- Call for partners to work with Coquitlam in addressing affordability and accessibility; and
- A Request for Proposals for an affordable housing project at 1358 Coast Meridian Road.
Affordable Housing Reserve Fund (AHRF)
The Affordable Housing Reserve Fund was established in January of 2009. The Council adopted policy is an important tool for contributing towards potential affordable housing solutions across the housing continuum. Based on a continuation of the current density bonus system, the AHRF could grow to reach $20-25 million over the next 30-35 years (depending on development activity). Evaluation of the AHRF will occur every two years through a Housing Affordability updated report to Council and a time-and-value trigger (every three years or $7 million positive balance).
520 Como Lake Avenue (Under Construction)
In July 2014, Council approved a rezoning and development permit at 520 Como Lake Avenue and density transfer from 528 Como Lake Avenue. The proposed development included a 26-storey market apartment building and a 3-storey, 7 unit, non-market family housing townhouse building. The non-market townhomes will be managed by the adjoining YWCA facility at 528 Como Lake Avenue. In addition to the new non-market housing, the project will include a new indoor amenity space adjacent to the townhouses for the YWCA that will be shared between the existing units at 528 Como Lake Avenue and the new units.