Next month, Vancouver will begin a two-and-a-half year incentive program to encourage developers to build affordable housing.
Developers will be allowed to build more space, smaller units, and get reprieves from certain fees if they build affordable units. The city has struggled with short supplies of affordable and rental housing since tax beraks were eliminated in the 1970s.
"The program, which the city aims to start by July 6 and which will last until Dec. 15, 2011, is not just a first for Vancouver but for Canada, when it comes to a city pushing an affordable-housing agenda.
'I'm hoping we can create 2,000 units,' said Councillor Raymond Louie, who is spearheading the initiative at city hall that is being presented in a report going to council today. 'It's a pretty good economic stimulus package.'"
FULL STORY: Vancouver to boost building of low-cost rentals with stimulus plan
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