Proposition 3 will provide continued funding for affordable housing and housing services for people with low and very low incomes in Vancouver
VANCOUVER – Preliminary results show that Vancouver voters approved Proposition 3, the Affordable Housing Levy during yesterday’s Feb. 14 special election.
“The need for affordable housing continues to grow in our community. By approving this levy, voters have said they want us to continue our work to address affordable housing and homelessness in Vancouver,” said Mayor Anne McEnerny-Ogle. “I want to express my appreciation to Vancouver voters. Thank you for supporting this critical work.”
Proposition 3 will provide continued funding for affordable housing and housing services for people with low and very low incomes in Vancouver. The levy replacement will raise $10 million annually, totaling $100 million over a period of 10 years starting in 2024.
“By funding this levy, we recognize the expectation taxpayers have for the City to efficiently use and leverage their valuable investment,”said City Manager Eric Holmes. “We are committed to continuing our transparent stewardship to assist our most vulnerable residents and reporting the return on investment to taxpayers.”
The funding will be used to help prevent homelessness and create housing for those earning 50 percent or less of the Area Median Income. The replacement levy is projected to assist 2,500 households with rent assistance and housing services, help 150 households with home ownership, preserve or construct 2,400 affordable units, and support 550 shelter beds over the life of the levy.
Proposition 3 replaces the city’s current affordable housing tax levy that will expire at the end of 2023.
The election results will be certified on Feb. 24.
Information provided by city of Vancouver.
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