The City of Vancouver has announced that on Monday, Jan. 27th it will open its online application for up to $9.5 million in Affordable Housing Fund (AHF) dollars to support developers, nonprofits and other housing providers whose projects create permanently affordable homes and address homelessness for households with low-income in Vancouver. Funding applications will be accepted on a rolling basis and reviewed quarterly to provide increased flexibility and timely support for housing projects.
The City’s AHF is used to support projects or programs that: Build and preserve affordable housing; Offer temporary shelter for people experiencing homelessness; Provide rental assistance and services to help prevent eviction or access rental units; Help homeowners or homebuyers with low-income.
Funding will support projects benefiting households earning below 50% of the Area Median Income (AMI) for rental housing and households earning below 80% of the AMI for homeownership opportunities; 50% of AMI for a family of four is $59,000 and 80% of AMI is $94,400.
About Vancouver’s Affordable Housing Fund
Since 2016, the City’s AHF has supported Vancouver’s people with very low incomes through affordable housing development, rental assistance, home ownership assistance, and homelessness services. In 2023, Vancouver voters approved Proposition 3, a replacement property tax levy that increased the AHF’s funding from $6 to $10 million annually through 2033.
Since 2016, AHF investments have resulted in the construction or preservation of 1,132 rental housing units (1,025 restricted to people with low incomes) and 399 rental housing units for people previously experiencing homelessness. In 2024, the first year since Proposition 3’s passage, AHF investments resulted in: 121 households receiving rental assistance; 38 shelter beds for the unhoused through ongoing operational funding; Two projects are currently under construction, anticipated to provide 47 affordable units; A $1 million award to support homeownership opportunities for people with low to moderate incomes kicked off, supporting its first homebuyer
Learn more about all AHF projects on the Affordable Housing Fund investments dashboard.
