On May 13, 2013 the City of New Westminster adopted a Secured Market Rental Housing Policy outlining the City’s strategies and actions aimed at retaining, renewing and enhancing the supply of secured rental housing. The new policy lays out specific objectives and describes the municipal actions necessary to achieve them.
The policy focuses on creating incentives that will encourage the private development community to create new secured market rental units. The goal is to boost the supply of market rental housing and ensure that these units remain in the rental supply over the long-term through Housing Agreements and no-separate sales (no stratification) covenants.
Objectives – Retention:
- Reduce the likelihood that the existing purpose-built rental stock will be redeveloped.
- If demolition occurs, reduce the impact of the loss of the rental housing stock on tenants.
Objectives – Renewal:
- Increase investment into the existing purpose-built rental housing stock.
- Increase the life span of the existing stock.
- Improve the operating costs of the purpose-built rental housing stock.
Objectives – Enhancement (long-term):
- Rental for 60 years or life of the building.
- Restrictions on stratification.
- Owned and managed by one entity.
Some of the municipal tools utilized by the City include:
- Moratorium on strata conversions
- Increased density offered through density bonusing or rezoning
- Reduced parking requirements
- Reduced building permit fees
- Concurrent processing of re-zoning and development permit applications
- Housing agreements
Related Links:
City of New Westminster – Housing page
Secured Market Rental Housing Policy
Secured Market Rental Housing Policy - Presentation, May 2013
