Transit-oriented affordable housing promotedTransit-oriented affordable housing promoted<div class="ExternalClass36FF83BDCB9E4A6EB41005D8D561D374"><p>Metro Vancouver will encourage local, provincial and federal stakeholders to pursue more affordable rental housing near transit stops to meet a growing demand for low-income households across the region.</p><p>The move follows the release of Metro Vancouver’s Transit-Oriented Affordable Housing Study, which found demand for rental housing, particularly affordable spaces for households earning less than $50,000, is not being met across Metro Vancouver. </p><p>The case for fostering equitable transit-oriented communities is compelling – renter households, especially those earning less than $50,000, are more likely to use transit so increased ridership means a higher return on investment in transportation.</p><p>However, new affordable rental housing is undersupplied because rents geared towards income levels less than $50,000 per year do not cover the costs of development such as land and construction costs. The challenges are amplified in transit-oriented locations.</p><p>The BC Non-Profit Housing Association estimates that the projected rental housing supply gap for lower income households in the Metro Vancouver over the next 10 years could range from 24,000 to 27,000 units.</p><p>The Board agreed last month to reach out to stakeholders ranging from the federal Minister of Infrastructure and Minister of Communities and Families, Children and Social Development to the Mayors’ Council on Regional Transportation and Greater Vancouver Home Builders’ Association. </p><p>The Transit-Oriented Affordable Housing Study was led by Metro Vancouver in partnership with BC Housing, BC Non-Profit Housing Association, TransLink, and Vancity.<br></p><p><br></p></div>http://www.metrovancouver.org/metroupdate/PublishingImages/issue38-transit.jpg2017-12-18T08:00:00ZGP0|#afe17b9f-722f-4cdf-95b6-a4beab8b1484;L0|#0afe17b9f-722f-4cdf-95b6-a4beab8b1484|Issue 38;GTSet|#d14ffe11-45dc-48fb-8684-ff109cf15a74<div class="ExternalClassE4D5729EA85B40768DA92DFA84C352E8"><p>​Metro Vancouver will encourage local, provincial and federal stakeholders to pursue more affordable rental housing near transit stops to meet a growing demand for low-income households across the region.<br></p></div>0