can’t capture affordability in the market look at parking requirements (in progress), intergenerational impact with ownership or remove releases rental stock create affordable housing coordinator role housing base will attract more people (someone with development expertise) keeps population diverse affordable home ownership broker role attract and retain a workforce (tech, etc.)/ retain business What Else? creating opportunity to own don’t only look at existing homeowners supports supply and lower end of market (mill rate) [utilize] other funding sources – keep carbon footprint low by locating look at unintended consequences of housing near work building a new home ownership system with community planning and builds a what are the other ways to build assets for vibrant city future generations (other than home intergenerational financial stability ownership)? inaction = out migration look at total cost sustainability – highly efficient transit system What is the City’s Role? City or Region? be a facilitator between developer and also build rental affordability invest in staff to understand real estate financing 3 Big ideas/Nuggets from today: repurpose available City land Urban Development Institute hosts events clarify why housing contributes to economic for developers sustainability consistency across all 13 municipalities create programs that reduce cost to City pieces of programs are transferable but not (green initiatives to incentivize developers) in entirety continue doing what we do with Urban why retention of mid-level earners and – Development Institute families for a viable city bring together housing and transportation special purpose entity at regional (and others) for a model take action figure out market workforce market needs to be reduce City bureaucracy (in progress) addressed (understand pressure) review zoning bylaw (in progress downtown incentives to reduce costs (Development and through Local Area Planning) Cost Charges Reductions, improvement education on inclusiveness, specifically costs, land) around density look at Victoria Median Income and city”, understand impacts from threshold to affordability “global around the world
can’t capture affordability in the market intergenerational impact with ownership releases rental stock housing base will attract more people keeps population diverse attract and retain a workforce (tech, etc.)/ retain business creating opportunity to own supports supply and lower end of market keep carbon footprint low by locating housing near work with community planning and builds a vibrant city intergenerational financial stability inaction = out migration What is the City’s Role? be a facilitator between developer and invest in staff to understand real estate financing repurpose available City land clarify why housing contributes to economic sustainability create programs that reduce cost to City (green initiatives to incentivize developers) continue doing what we do with Urban Development Institute bring together housing and transportation (and others) for a model figure out market reduce City bureaucracy (in progress) review zoning bylaw (in progress downtown and through Local Area Planning) education on inclusiveness, specifically around density “global city”, understand impacts from around the world look at parking requirements (in progress), or remove create affordable housing coordinator role (someone with development expertise) affordable home ownership broker role What Else? don’t only look at existing homeowners (mill rate) – [utilize] other funding sources look at unintended consequences of building a new home ownership system what are the other ways to build assets for future generations (other than home ownership)? look at total cost – sustainability highly efficient transit system City or Region? also build rental affordability 3 Big ideas/Nuggets from today: Urban Development Institute hosts events for developers consistency across all 13 municipalities pieces of programs are transferable but not in entirety why – retention of mid-level earners and families for a viable city special purpose entity at regional take action workforce market needs to be addressed (understand pressure) incentives to reduce costs (Development Cost Charges Reductions, improvement costs, land) look at Victoria Median Income and threshold to affordability
Engagement%20Summary%20-%20Affordable%20Home%20Ownership%20Workshop%20-%20Feb%202017.docx