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Metro Vancouver Housing revealed 10-year plan

To make the cost of living in Vancouver more affordable, Metro Vancouver Housing revealed its 10-year housing plan worth $190 million. With this plan, they are hoping to create sustainable communities to help the people who need a place to live within their own city. With the plan in place, the not-for-profit organization will support diverse, mixed-income communities, especially for families, seniors, and those with special housing needs.

When you picture a home, you imagine stepping into a cozy room that embraces you with warmth and comfort. It’s the place where you feel the most relaxed and secure. The last thing you want to do when you get in is to sit down at the table, pouring over bills or worrying about the next month’s rent. Instead, you’d probably rather lounge on the couch with a cup of tea and zoning out to whatever show’s playing on TV.

Within 10 years, the city will add 1,350 new and redeveloped and affordable rental units over the next decade.

The Goals for Metro Vancouver Housing’s 10-year plan

  1. Provide: The first goal of the plan is all about supporting healthy, engaged communities. The plan will create family-friendly housing and programming to support those in need. Tenants will be able to enjoy the comforts of quality housing and community building.
  2. Preserve: On top of affordable homes, Metro Vancouver intends to work towards sustainability goals. The plan will preserve and renew existing housing to maintain affordability and improve sustainability and accessibility.
  3. Expand: Metro Vancouver Housing’s third goal is to grow strategically through redevelopment and expansion. The company claims they will strive to enhance environmental and energy sustainability. Expansion will happen through strategically redeveloping existing properties as well as acquiring and building new housing.
  4. Build Partnerships: To be successful, it is important for Metro Vancouver Housing to develop partnerships to expand affordable rental housing across the region. The company will require strong collaborations with public, private, and non-profit sectors in order to afford the rental housing.

The investment

In order to provide and expand affordable housing in the region, Metro Vancouver Housing will invest $190 million in affordable housing over the next 10 years. They’ve broken down the investment into three areas of funding.

  • $90 million in renewing and enhancing existing housing
  • $60 million in redevelopment and partnerships to acquire or manage new units.
  • $40 million to develop new affordable housing on lands owned by the region and member jurisdictions.

Building a Community

Metro Vancouver Housing’s plan will focus on building and supporting healthy, engaged communities. It will also support people who are going through different stages in life and housing needs.

As Sav Dhaliwal, the Metro Vancouver Chair, said “Homes are more than just buildings,” according to Daily Hive. While Metro Vancouver Housing will be constructing new buildings, the hope is that they’ll become homes for families who need them.