The City of Richmond is receiving $9.1 million in federal funding to build 18 “deeply affordable” homes for vulnerable people.
The Minister of Housing Ahmed Hussen was at Richmond City Hall on Monday morning to make the announcement, explaining the money is coming from the Rapid Housing Initiative, a $4 billion federal housing fund that began during the COVID-19 pandemic.
To qualify for this funding, cities need to build the homes within 18 months.
“Today is the beginning of hopefully more investments,” Hussen said. “As we get creative and deepen our partnership, we can find ways to bring federal housing dollars to help the most vulnerable in our community.”
Hussen said safe and affordable housing allows people, especially the most vulnerable, to “pursue your dreams.”
“We understand housing is fundamental to making a difference in people’s lives – it grounds people, it gives an opportunity for someone to have a sense of belonging and it creates better social and health outcomes,” Hussen said.
“We believe (this funding) will change the lives of the most vulnerable members of our community here in Richmond,” he added.
Steveston-Richmond East MP Parm Bains said he was pleased to see this program benefiting Richmond.
“(MP Wilson Miao) and I have been pushing (for housing),” Bains said. “I think this could be the start of many different projects that we can try to bring here.”
A recent housing study, based on statistics from 2016, noted 25 per cent of all households in Richmond were spending more than 30 per cent of their income on housing.
Furthermore, the study noted 6,140 households in Richmond were in “extreme core housing need,” meaning they were spending more than 50 per cent of their income on housing.
From 2006 to 2016, the cost to rent rose 4.5 times faster than household incomes.
Where the 18 homes will be built and other details are still being worked out but should be announced within a month, Mayor Malcolm Brodie told the Richmond News.
The money is meant for rapid construction of new housing, or for the acquisition of existing buildings for rehabilitation or conversion to permanent affordable housing.
Another housing initiative, the Housing Accelerator Fund, coming online from the federal government, will earmark $4 billion to help cities expedite the permitting process to build new homes.
