(Item 5.2., Closed Council Meeting July 24, 2023)
THAT a grant from the Community Benefit Bonus Affordable Housing Reserve in the amount of up to $1,257,697 towards 8304 11th Avenue to cover 40% of an estimated project funding shortfall of $3,144,243 be approved;
THAT the disbursement of the $1,257,697 grant to BC Housing (the lessee of the land) upon execution of the Ground Lease Agreement, issuance of a Building Permit for the project and based upon the Capital Funding Agreement be authorized;
THAT staff be authorized to disburse the CMHC Rapid Housing Initiative project funding in the amount of $10,520,708 to BC Housing based on the terms of a Capital Funding Agreement;
THAT a copy of this report titled “Request for Additional Grant for Non-Market Housing Development at 8304 11th Avenue” be sent to the project partners including the Canada Mortgage and Housing Corporation (CMHC), BC Housing, Progressive Housing Society, Connective Services Society and CitySpaces Consulting; and
THAT if approved, the recommendations of the report titled “Request for Additional Grant for Non-Market Housing Development at 8304 11th Avenue” be released to the Open Council meeting on August 28, 2023.