Affordability mechanisms can include a covenant on title as outlined under Section 219 of the Land Title Act, which allows a municipality to register a positive or negative covenant against title to property. The covenant “runs with the land” so it can continue in perpetuity.
Other options include a second mortgage on title facilitated by BC Housing through their Housing HUB program, or by a non-profit such as Small Housing BC.
We’ve done projects in the City using these tools, Moderate Income Rental Housing Pilot Program (MIRHPP) is an example. Other cities like North Vancouver have as well.
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