Quote:
Originally Posted by phesto
^Thanks for the update. This project isn't actually under Rental 100 but the Affordable Housing Choices Interim Rezoning Policy.
I believe it's actually the opposite. Rents are capped under Rental 100 (there is a max rental rate on East side and West side) whereas there is no equivalent cap under the AHCIRP.
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You're correct that Rental 100 rents are initially 'affordable' with a guideline set on the first rent paid by new tenants. This allows the developer to get the lower parking requirements and excused CACs and DCL payments. Under the Affordable Housing Choices Interim Rezoning Policy it's less clear that they have to meet a rent limit. However, if you look at
the rezoning report for an earlier approved rental project on the east side near Commercial Drive, the same rent limit requirements were applied for the scheme to receive the DCL waiver.
So it looks as if the Affordable Housing Choices Interim Rezoning Policy added potential home ownership schemes, and extended the locations that Rental 100 type schemes might be permitted, but at least in the project approved last year the same affordability requirements were used for the initial rents.
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