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 2nd 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, MIRHPP is an example. Other cities like North Vancouver have as well.
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