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Social Planning Cowichan engaged CitySpaces to undertake a business case to explore the feasibility of introducing an Affordable Housing Trust Fund for the Cowichan Valley Region on Vancouver Island, BC. This particular tool was selected in response to CitySpaces earlier work on the Cowichan Valley Regional Housing Needs Assessment in which affordable housing issues and gaps were identified for a range of vulnerable populations, including low-income families and seniors, as well as a major need of repair for aging purpose-built market rental housing and mobile home parks in rural areas of the region.

An Affordable Housing Trust Fund, commonly referred to as Housing Reserve Funds in BC, are utilized by municipalities to assist non-profit housing societies with capital costs of a new affordable housing project, or renovations to existing affordable housing.

Key steps in the Affordable Housing Trust Fund process for Social Planning Cowichan included:

  • A thorough review of existing models for setting up and maintaining an Affordable Housing Trust Fund, identifying the range of potential mechanisms such as community amenity contributions, and their implications, as well as best practices and lessons learned.
  • Determine the feasibility of developing an Affordable Housing Trust Fund in the Cowichan region based on an exploration of benefits and risks, including an engagement process with key stakeholders.

Deliverables for this process included a business case for developing an Affordable Housing Trust Fund that outlines the required administrative and governance structure; and a brief report outlining steps involved in setting up an Affordable Housing Trust Fund.

The final Affordable Housing Trust Fund report outlines options for considerations on how an Affordable Housing Trust Fund could potentially be implemented in the Cowichan Valley Region, and can be found here: http://www.cowichanhousing.com/uploads/4/9/6/0/49605357/business_case_for_a_cv_trust_fund_cvrd_-_final_-_june_2015.pdf

PROJECT TEAM:

Linda Allen