SUCCESS is the preferred non-profit to operate 156 affordable housing units being built by Polygon in the Capstan area.
A housing agreement between the city and Polygon is on the agenda for next week’s planning meeting, and it outlines the rents and square footage of the affordable units that make up 10 per cent of the floor area of the entire development.
According to the housing agreement going to planning next week, a memorandum of understanding (MOU) has been secured with SUCCESS which will “acquire” the affordable housing units and operate them.
A spokesperson for SUCCESS said the the MOU states SUCCESS will apply for funding to acquire the building, but this isn't guaranteed as it's contingent on securing the funds.
SUCCESS is in the initial stages of this process, and it's too early to know the outcome, the spokesperson added.
Two- and three-bedroom affordable units planned
There will be 33 three-bedroom units (980 square feet in size), which will rent for $1,489 a month. There will also be 45 two-bedroom apartments (741 square feet renting for $1,218 a month), 60 one-bedroom apartments and 18 400-square-foot studio apartments.
The housing agreement being proposed also includes maximum incomes for those moving into the affordable units. They range from $34,600 for studio apartments to $58,050 for three-bedroom apartments.
These affordable homes will be in a six-storey standalone building, being constructed in the first phase of the development.
The first phase will also include a market rental building, with 120 housing units, that will be rented out by Polygon.
Later, another 51 market rental units will be built.
The entire Polygon complex, being build in four phases, will have 1,341 homes on Cambie Road, just west of Garden City Road.
