The Affordable Housing for Ownership Program generates affordable housing units through the application of the Municipality’s Affordable Housing Policy #08-03. The ownership, or rental, of these units is governed by the terms of housing covenants registered on title in favour of the Bowen Island Municipality. The administration of the program will be delegated to the Bowen Island Housing Corporation after its incorporation.
1. Affordable Housing Policy #08-03
Passed unanimously by Council in June, 2008, the policy is a legal tool to be applied when negotiating development proposals and considering rezoning applications. It provides clear objectives and targets for the delivery of a mix of housing types and sizes, including both potential rental and ownership units. The Policy stipulates that any new development or redevelopment project must reserve 15% of the gross floor area for affordable housing. Smaller rezoning applications will be considered case by case. The goal is to establish a level playing field so that all development contributes to affordable housing solutions on Bowen Island in a meaningful, beneficial and equitable way. The intended result is the construction of a mix of affordable rental and affordable housing from studio to three-bedroom suites, apartments and townhouses to semi-detached and single-detached homes. The policy creates a framework for municipal staff and Council to collaborate with development community to develop affordable housing. (Download policy)
2. Housing Covenants
Housing produced under the program is subject to the terms of covenants held by Bowen Island Municipality. The covenants ensure that the units remain affordable in perpetuity. They include a right of first refusal for the Bowen Island Housing Corporation, and outline the terms of occupancy and re-sale. (Download covenants)
3. Bowen Island Housing Corporation
The Municipality currently oversees the co-ordination of the creation of the affordable units and the administration of the program. These tasks will be delegated to the Bowen Island Housing Corporation after its incorporation. (Visit website)