City staff have recommended requiring apartment projects in Richmond City Centre with over 60 units to set aside 25% of the residential floor area for rental units, including 10% as market rental housing and 15% for low-end of market rental housing (LEMR).
For townhouse developments with 5 or more units, and apartment developments with 5 to 60 apartment units, cash-in-lieu may be accepted through a rezoning application, or the owner may secure and construct 10% of the total residential floor area in the building as market rental housing. An associated 0.1 FAR density bonus would apply to the site for built market rental, not cash-in-lieu.
On June 23, Staff brought a follow-up report to Richmond Planning Committee on the proposed new Market Rental Policy and Increased LEMR Requirements. After further questions of staff, Council voted to refer the report back to staff, with the direction for staff to hold an informational workshop with Council to further discuss the proposals. Council also approved a motion to provide grandfathering under the existing policy for applications currently in-stream, and allow them to proceed.
New discussion on the Policy
On October 12, the New Market Rental Policy and Increased LEMR Requirements went to Council.
Regarding Recommendation 1 to increase the Low End Market Rental (LEMR) construction contribution for developments inside of the City Centre Area Plan from 10% to 15%, and Recommendation 2 to Update LEMR cash-in-lieu rates to reflect current construction costs and sale prices in Richmond, an amendment was proposed to phase in the amounts over two years. The motion was defeated.
For Recommendation 3 and Recommendation 6 under introducing a mandatory market rental contribution, the motion to refer back to staff to explore the possibility of increasing the threshold and percentage of mandatory market rental units was carried.
Regarding Recommendation 9 for incentives for rental housing, a motion was carried to refer back to staff to look at reducing or waiving DCCs for any 100% rental building.
The recommendations with the above amendments were carried.
Kommentare