Metro Vancouver households may be on the hook for $1 in additional tax each next year to help fund public housing projects in the region.
But the regional district is not looking to break the bank.
“It’s not based on high assessed values of homes that would pay more or lower assessed homes.”
That $1 will translate to an annual fund of $1-million for the Metro Vancouver Housing Corporation, Moore said.
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With the fund, Metro Vancouver will be able to show the provincial and federal governments that they’re doing what they can to pay for housing — and perhaps encourage them to make their own contributions as well.
“We house over 10,000 people per month in our housing projects,” Moore said. “We’re looking to expand the number of rental units we have available.
“So what we’re looking at is redeveloping some of those sites or partnering with our local government that might own land. It’s not always about bringing cash to the table, we’ll be bringing land to the table and in this housing market, and land is the most valuable asset that you can bring.”
The board will vote on the tax next Friday.