The Office of the Mayor announced yesterday that Vancouver's city council has approved a new 352-unit housing development at 955 East Hastings, with 70 units, or 20% of the entire project, being transferred to the city as social housing.
One-third of the 70 units will be rented at welfare rates, with $9.7 million being invested by the developer for the design and construction of the social housing.
The development will have what the city touts as a unique mix of social housing, industrial, retail and commercial uses.
"This creative project delivers on our affordable housing targets while supporting Vancouver's industrial and commercial economies," said Mayor Gregor Robertson. "Mixing light industrial job activity and new housing is an innovative proposal that fits with the neighbourhood, and is a blueprint for how we want to mix job space with housing in Vancouver.
"It will provide local benefits for the community and strengthen our city's economy."
The 70 units will bring the city just 231 units short of its target of 1,500 non-market housing units for 2014 as announced as part of the 2011-12 Affordable Housing and Homelessness Strategy.
