City to distribute 9.5 million in Affordable Housing Fund grants in 2025

The City of Vancouver plans to distribute $9. 5 million from its Affordable Housing Fund (AHF) in 2025, aimed at fostering the development of affordable housing and services for low-income households. Developers, nonprofits, and housing providers can apply for funding starting January 27, with applications reviewed quarterly to enhance flexibility and support for vital housing projects. This initiative is particularly significant, targeting households earning below 50% of the Area Median Income for rental housing and below 80% for homeownership opportunities, which translates to $59,000 and $94,400 for a family of four, respectively. The AHF has a history of success, with over 1,132 rental units created since its inception in 2016, including 399 units for individuals previously experiencing homelessness.

A virtual information session on the application process is scheduled for January 22, ensuring potential applicants are well-informed. The funding boost follows the successful passage of Proposition 3, which increased the AHF's annual funding from $6 million to $10 million through 2033. This represents a crucial step in addressing Vancouver's housing challenges and promoting community stability. The AHF investments dashboard offers further insights into ongoing projects and their impact on the community.