The City of Vancouver has approved the first two projects under its Moderate Income Rental Pilot Program (MIRHPP).
The first will deliver 96 much-needed rental homes with 19 at below-market rates and 35% suitable for families. The second will provide 82 homes with 18 at secured below-market rents.
Each of the two developments – at 2543-2583 Renfrew Street and 2895 East 10th- are seven storeys and also provide commercial space at street level.
"The MIRHPP program is the best way we have to build homes for living wage and middle income households," said Mayor Kennedy Stewart. "These below market units are vital for ensuring that our friends and neighbours are able to stay in Vancouver, and I'm proud that our Council continues to deliver this much needed housing."
The purpose built rentals are privately owned, permanently secured and made available to households earning $30,000 to $80,000 per year. Rents will be set at a maximum average starting rents of $950 per month for studios, $1,200 for one-bedroom apartments, $1,600 for two bedrooms, and $2,000 for three bedrooms.
The city is currently considering rezoning applications for a further nine rental projects.
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