City launches initiative to boost affordable rental housing development.
Eligible non-profit organizations, cooperatives, and homebuilders in Richmond can now apply for grants aimed at expediting affordable rental housing development. These grants are designed to mitigate barriers to the swift construction of homes for families, seniors, and vulnerable residents. The City’s Housing Priorities Grant Program offers up to $40,000 per affordable rental home to offset development fees, and up to $50,000 for feasibility studies in affordable rental housing. Homebuilders providing affordable housing voluntarily can receive funding to cover up to 75% of development cost charges. Mayor Malcolm Brodie emphasized the importance of creating more affordable housing as a city priority. The program, endorsed by Council in November, allocates $10 million through the Federal Government’s Housing Accelerator Fund (HAF) to foster the creation of at least 220 more affordable rental homes citywide. Applications are open until March 26, 2025. Interested parties can find eligibility criteria and application details at richmond.ca/CityGrants.
General Reporter