The developer of 560 housing units proposed for a transit-oriented neighbourhood in Port Coquitlam will have to meet conditions of a housing agreement before the project can proceed.
Tomorrow, Tuesday (July 25), PoCo council is expected to approve a housing agreement that would set out how much Mosaic Avenue Development would have to set aside for non-market and rental units as well as the rent.
Approving the housing agreement is a necessary step before council will grant fourth reading for rezoning approval of the property located at 3620, 3640, 3646, 3650 Westwood Street and 3639 and 3643 Woodland Drive.
When initially approved last fall, the developer proposed to build 486 strata ownership apartments, 49 non-market rental units and 21 market rental units in the residential towers, as well as four townhomes.
However, the housing agreement lays out a complex formula for determining the number of units, the renter households and the rent.
Here’s what it says:
• The site will be developed to include a minimum of 18,330 (sq. ft) of secured market rental dwelling units and 31,600 sq. ft. of non-market rental dwelling units.
• The rental units will be managed by the owner, Mosaic, and the non-market units will be managed and operated by a housing society, BC Housing, a non-profit housing corporation or another entity approved by the city.
• the average rent for the non-market dwelling units will be for individuals and/or households whose incomes are no greater than 1/12th of 30 per cent of 80 per cent of the median annual income of households within Port Coquitlam as defined by Statistics Canada. (Median total income in 2020 in Port Coquitlam, according to Statistics Canada, is $44,800)
• The non-market dwelling units will be tenanted by those who have an annual household income that is at or below 80 per cent of the median total income of households for Port Coquitlam as defined by Statistics Canada.
