PORT COQUITLAM, BC - July 27, 2023... Port Coquitlam is going after millions of dollars in federal and provincial funding as part of its ongoing work to address local housing needs.
Tuesday, Committee of Council gave staff approval to take the necessary steps to apply to the $4-billion federal Housing Accelerator Fund (HAF). Port Coquitlam may be eligible for up to $20 million in HAF funding, and the work to meet the HAF requirements will also be leveraged to in anticipation of the B.C. government's Homes for People announcement and future funding opportunities.
"Housing continues to be a high priority that requires the involvement of multiple partners and levels of government," Mayor Brad West said. "Our strategy includes actively seeking out funding and support from other levels of government, and working with other housing partners to deliver results. We've also seen exciting progress by taking advantage of the tools we have available to us as a city to encourage the kind of housing our community needs."
Administered through the Canadian Mortgage and Housing Corporation, the HAF is intended to accelerate the supply of housing and support affordable, inclusive and climate-resilient communities. The City's work to meet the HAF requirements includes the recently completed Housing Supply Plan with specific housing growth targets and priority actions.
The City's housing growth has averaged 322 net new residential units per year over the last decade, the proposed Housing Supply Plan identifies a target of 550 new residential units per year, based on recently completed Housing Needs Assessment. However, to reach this increase in housing supply the City will need funding and support from other levels of government in order to increase the diversity of housing choices and help fund new growth-related infrastructure.
If the City should be accepted into the HAF, the City could implement priority actions to reach its housing target:
- Improve development timelines,
- Activate City and partner lands for development,
- Develop a "missing middle" housing program (medium-density homes such as townhomes, rowhouses duplexes/multiplexes and small low-rise multi-family buildings),
- Update Port Coquitlam's Official Community Plan to support more diverse forms of housing development,
- Implement an affordable and purpose-built rental incentive program,
- Reduce or eliminate parking requirements, and
- Develop a comprehensive communications and education strategy.
The Housing Supply Plan can be refined and adapted for other grant opportunities. For example, the B.C. government has committed to supporting housing with $4 billion over the next three years and $12 billion over the next decade.
"There is no single solution to the housing problem, and that's why we are taking a multi-pronged approach to addressing it," said Cllr. Glenn Pollock, Council's designate on housing matters. "I look forward to seeing even more progress as we continue to engage other partners and government in bringing more attainable housing to Port Coquitlam."
The City, on its own, has already begun working on some of the housing supportive actions, with positive results. Recent housing data and growth trends within the City. Of note:
- 80 per cent of all new homes in the last five years were apartments and multi-family, while 20 per cent were townhouses, rowhouses, single-family, coach houses and duplexes.
- 33 per cent of all new homes in the last five years were non-market affordable units, totaling 487 new units.
- Lowest one-third for application fees in Metro Vancouver,
- Building permit approval speeds by 33 per cent since 2020, and
- An average of eight weeks for standard building permits, compared to up to six to 12 months in other cities.
Looking AheadA significant amount of recent development within the downtown has been focused south of Wilson Street, in the form of mid-rise (five to seven storeys) multi-family apartment buildings, including the Quantum Properties (QP) seniors' rental building nearing completion at 2430 Mary Hill Road with 56 units. The five-storey building is the third phase of QP's Montrose Square condo development on Kelly Avenue, which brought 364 units and ground-floor commercial.
Future opportunities for growth within the downtown are anticipated to be within the core thanks to the City's ongoing revitalization efforts in the area and updates to civic amenities including Leigh Square, Veterans Park, McAllister Avenue and Port Coquitlam Community Centre.
The City is also continually working to improve its application processing, including exploring the use of technology and streamlining processes. Port Coquitlam is working toward being among the top one-third of cities in the region for permit processing speeds.
More information about the City's housing actions can be found at portcoquitlam.ca/housing.
Media Contact
Ximena Ibacache
Manager of Communications & Administrative Services
City of Port Coquitlam
Tel 604.927.5499
Email [email protected]