The Community Benefit Bonus Affordable Housing Reserve provides grants to non-market housing projects
Grants are provided under 2 streams:
- Stream 1 supports the construction of new non-market housing projects that target a deeper level of affordability and have secured funding from other levels of government.
- Stream 2 supports purchases of purpose built market rental buildings by non-profit societies under the Provincial Rental Protection Fund program.
The Community Benefit Bonus Affordable Housing Reserve is funded by 20% of cash-in-lieu payments received from development activities in exchange for additional density, as permitted under the Community Benefit Bonus Policy.
Grants will be considered on an ongoing basis. All grants will be subject to Council approval and the availability of funds within the Community Benefit Bonus Affordable Housing Reserve.
Stream 1: Construction of new non-market housing projects
Stream 1 supports the construction of new non-market housing projects that target a deeper level of affordability and have secured funding from other levels of government (e.g. BC Housing’s Community Housing Fund). Grant funding will be based on a fixed per-unit amount for every Housing Income Limits (HILs) rent-geared-to-income and Income Assistance Shelter Rate unit built. The rental rates must be secured through a Housing Agreement and Covenant.
Stream 1 grants are for construction of new standalone non-market housing projects that:
- are being led by a registered non-profit housing society or incorporated non-profit housing co-operative with a mandate to provide affordable housing and a minimum of 5 years of experience operating non-market housing
- target a deep level of affordability (affordable to households with incomes at or below BC Housing’s Housing Income Limits)
- rely on funding secured from other levels of government
Please note: Projects led by other levels of government are not eligible for Affordable Housing Reserve grants.
Applicants should discuss their intention to apply for a grant at the pre-application meeting for their development. Grant applications must be submitted before Second Reading is considered for the project’s rezoning application.
All applications will be reviewed against grant criteria. Organizations that have submitted a complete application and meet all grant criteria will be assessed for approval in principle of a grant. Final approval of the grant will be subject to Council consideration prior to final adoption of the rezoning.
Application form:
Please submit completed applications to [email protected].
Projects may be eligible for a grant if they meet the following criteria:
- The project must include units that are rented at or below rates that are 30% of HILs.
- Applicants must be a registered non-profit society or incorporated non-profit housing co-operative with at least 5 years of experience operating non-market housing for low- and very low-income households.
- Applicants must be the owner and operator of the units being developed or acquired.
- Other levels of government are not eligible for grants.
- Applicants must demonstrate a need for the grant and a commitment from other levels of government for other capital and/or operating funding prior to applying for a grant.
- Applicants must demonstrate a commitment of capital funding and/or ongoing operating subsidies from another level of government.
- Applicants must demonstrate that their proposed project will meet the housing needs of an target population identified in the Burnaby Housing Needs Report.
The project budget must demonstrate a need for the grant amount requested. The maximum grant amount will be determined on a per-unit amount based on affordability and unit type as outlined below.
The requested Stream 1 grant amount may not exceed:
- funding from other orders of government
- the construction cost gap demonstrated in the project capital budget
- 10% of total project capital costs
- the maximum per unit-grant amounts
Per-unit grant amounts
| Unit Size | ||||
|---|---|---|---|---|
| Affordability | Studio/Beds | 1 Bed | 2 Bed | 3+ Bed |
| Shelter Rate | $7,000 | $10,000 | $15,000 | $20,000 |
| HILs RGI | $5,000 | $7,000 | $10,000 | $15,000 |
Stream 2: Non-profit society purchase of purpose-built market rental buildings
Stream 2 supports non-profit societies that buy purpose built market rental buildings with funding from the provincial Rental Protection Fund. Like Stream 1, grant funding will be based on a fixed per unit amount for every Housing Income Limits (HILs) rent-geared-to-income unit and Income Assistance Shelter Rate unit. These units must be secured through a Housing Agreement and Covenant.
Stream 2 is for non-profit society purchases of purpose-built market rental buildings that:
- meet the eligibility requirements of the Rental Protection Fund
- are funded by a capital contributions from the provincial Rental Protection Fund
- secure rents at or below 30% of gross income for households with incomes at or below HILs (e.g. BC Housing’s Rent Geared to Income – RGI)
Applicants should discuss their intention to apply for funding from the Rental Protection Fund in advance of submitting a grant application. The grant application is to be submitted after the Rental Protection Fund has approved the property pre-qualification.
Organizations that have submitted a complete application and meet all grant criteria will be assessed for approval in principle of a grant. Final approval of the grant will be subject to Council consideration after the organization has submitted documentation confirming Rental Protection Fund approval.
Application form:
Please submit completed applications to [email protected].
Projects may be eligible for a grant if they meet the following criteria:
- The project must include units that are rented at or below rates that are 30% of HILs.
- Applicants must be a registered non-profit society or incorporated non-profit housing co-operative with at least 5 years of experience operating non-market housing for low- and very low-income households.
- Applicants must be the owner and operator of the units being developed or acquired.
- Other levels of government are not eligible for grants.
- Funding must be secured from the provincial Rental Protection Fund.
The maximum grant amount will be determined on a per-unit amount based on affordability and unit type as outlined below. The requested Stream 2 amount may not exceed:
- the maximum per unit-grant amounts
Per-unit grant amounts
| Unit Size | ||||
|---|---|---|---|---|
| Affordability | Studio/Beds | 1 Bed | 2 Bed | 3+ Bed |
| Shelter Rate | $7,000 | $10,000 | $15,000 | $20,000 |
| HILs RGI | $5,000 | $7,000 | $10,000 | $15,000 |
Have questions?
Please contact [email protected].