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House Hansard - 78

44th Parl. 1st Sess.
May 31, 2022 10:00AM
Context: House Hansard - 78 - May/31/22
Ms. Jenny Kwan
  • May/31/22 7:24:52 p.m.
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Madam Speaker, in question period on March 21, I asked the government why 90% of the funding under the rental construction financing initiative went to for-profit developers and why the units being built often ended up being 30% to 120% above the average market rent. I called on the government to change the requirements to ensure that housing units built under this program are substantially below market rent, and reforms were included in the agreement the NDP entered into with the Liberals. I am glad the confidence and supply agreement has significantly reformed the RCFI, including changing the eligibility for the program to under 80% of average market rent and allowing for loans to be forgiven when rent is below this minimum threshold. The change also includes an increase in the percentage of units per building that need to meet that criteria, from 20% to 40%. By way of comparison, let us say no changes were made. Rent based on the Liberals' affordability definition under the old RCFI was $2,294 in Vancouver per month. Under the new agreement—
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