Updating Low-End Market Rental Rents and Tenant Eligibility
The General Purposes Committee approved amendments to three Housing Agreements, updating permitted rents and eligible tenant income thresholds for three Richmond developments (8671, 8731, 8771, 8831/8851 Cambie Road, 8791 Cambie Road and 3600 Sexsmith Road; 23200 Gilley Road; and 5591, 5631, 5651 and 5671 No. 3 Road).
These amendments align rent rates with the City’s updated Low-End Market Rental (LEMR) Program, setting maximum rents 10% below CMHC market averages and income thresholds at 30% of gross household income. The changes also include minor drafting updates to modernize the agreements.
One amendment (23200 Gilley Road) allows for phased occupancy of two buildings due to staggered completion dates. All affected LEMR units are currently under construction and unoccupied. A separate report addresses potential parking fee charges for LEMR tenants.
The ‘repeal and replace’ approach used for the amendments ensures consistency and simplifies administrative oversight. The amendments were adopted following first, second, and third readings.