Vancouver city council approves allocation of $8 million towards affordable housing initiatives
NAOBIH O'CONNOR (VANCOUVER COURIER) Vancouver city council has approved staff recommendations on how to spend $8 million worth of empty home tax revenue it’s collected to date.
The City of Vancouver expects it will collect $30 million from the tax in the first year, but implementation and operating costs will eat up $10 million, leaving $20 million to be invested on affordable housing initiatives.
About $18 million of the anticipated $30 million has been collected so far, which, after implementation and operating costs are covered, produces $8 million for distribution.
The money will be split as follows:
Staff recommendations were informed by public feedback collected during a consultation process that included an online survey and a one-day “idea jam.”
“I’m very pleased that council has approved a variety of new affordable housing investments funded by Vancouver’s first Empty Homes Tax,” Mayor Gregor Robertson stated in a June 21 press release. “Thank you to everyone who took the time to submit, like, and comment on your favourite housing ideas. We will now be moving forward with new initiatives that will boost support for low-income renters, create more co-op and non-profit housing, and look at new opportunities to make the best use of our existing rental housing.”
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