(The Center Square) – The city of Vancouver is awarding a total of $11.15 million to five projects that will create and preserve 330 affordable rental housing units.
The units will serve households earning 30% to 60% of the area median income in order to prevent Vancouver’s more vulnerable residents from becoming homeless.
The Vancouver City Council approved the funding Monday with money from the voter-approved Affordable Housing Fund.
Vancouver voters in 2023 passed the property tax levy renewal, which increased the Affordable Housing Fund’s allocation from $6 million to $9.5 million annually through 2033.
Along with funding affordable housing projects, levy dollars also go toward temporary shelters for homeless people, and assistance for renters and low-income homeowners.
The tax levy is set at 30 cents per $1,000 of assessed value, so an average valued home in Vancouver ($477,000) pays approximately $143 annually.
The newly-approved $11.5 million focuses on affordable rental housing for the city’s more vulnerable residents: seniors, people with disabilities and people who were formerly homeless.
“This funding underscores our continued dedication to tackling the affordable housing crisis head-on,” Vancouver Mayor Anne McEnerny-Ogle said in a statement. “The important projects supported by this investment will help ensure that the most vulnerable in our community have access to safe, stable and affordable homes, fostering a more inclusive and resilient community.”
In January, the city opened an application process to allocate up to $9.5 million from its Affordable Housing Fund. Six applications were received with a total request of nearly $14.9 million. Five of the six applications were accepted.
The Vancouver Heights District is being awarded the most funding of the five projects with $4.1 million to support 109 new units dedicated for people with disabilities.
The Mid-Columbia Manor – Smith Tower preservation project is receiving $2 million to support the preservation of 170 existing units within the senior apartment building to improve safety features.
