The City of Burnaby has a total of 1,040 non-market housing units, including rentals and co-ops, just built or in development on its land, according to a new city report, and there’s more on the way.
The report states the market value of the leased land typically represents about 15 per cent of the cost of development, citing the Urban Development Institute. And while the 11 sites noted in the report currently add up to 1,040 units, there are still more to come from the Sunset/Kincaid development.
5912-5988 Sunset St. and 5907-5989 Kincaid St. Developer/operator: BC Indigenous Housing Society , formerly Vancouver Native Housing SocietyBuilding Permit: To be submittedCity contributions: Notes: This project is under construction and expected to be complete in 2025. It’s intended to serve as interim housing for eligible TAP tenants for the first 12 years of operations.
The city approved a total of $8.03 million for the entire Bevan Lands site, made up of Big and Little Bevan. The Little Bevan portion was $2.14 million. Council approved a request from Mosaic and CLT to develop the Bevan Lands separately, “in recognition that CLT had been unsuccessful in obtaining capital funding to advance design and construction of the non-market housing,” according to the staff report.
Funding program: 2023 CMHC Rapid Housing Initiative, $10.52 million to the city to deliver a minimum of 21 units, BC Housing funding for an additional 17 unitsRental rates: 61% units will be rented at the provincial income assistance shelter rates and 39% will be rented on a rent-geared-to-income basis where rents will be no more than 30% of the household income