ANITA HUBERMAN
SURREY – The federal government has indicated many investments for housing in their latest fiscal update, but Surrey was not listed as a recipient to any funding through the Housing Accelerator Fund.
The Fall Economic Statement indicated that nearly 23% of all Housing Accelerator Funding was earmarked for Quebec while affordability and housing costs in Metro Vancouver, and specifically Surrey, are some of the highest in the country. Only one BC city was listed while other provinces, specifically Ontario, had many city investments. Surrey needs our fair share of infrastructure investments.”
The withholding of funds can be attributed to the recent decision by Metro Vancouver to significantly increase Development Cost Charges (DCCs). This escalation in charges will inevitably be transferred to end-users, thereby placing an additional financial burden.
Of the Housing Accelerator Fund agreements to date, there is only Kelowna in British Columbia, for 950 homes and $31.5 million. This was announced on October 25.
Calgary was okayed for 6,800 homes and $228 million, and all of the other cities receiving funding came from Ontario (5), Nova Scotia and New Brunswick (1 each). The province of Quebec received $900 million.
The Surrey Board of Trade is urging the City of Surrey to waive DCC’s to be a leader and take decisive action to promote non-profit housing to respond to the urgent housing crisis.
A new bylaw to waive DCC’s for non-profit developers constructing below-market rental buildings is one such example, as DCCs are fees levied by municipalities on new developments to fund essential infrastructure.
The City of Surrey currently charges non-profit developers the same amount as they would charge for-profit developers. The waiver should apply to non-profit developers, reducing their financial burden and encouraging the construction of more affordable rental properties.
There are several benefits and advantages that such an initiative would create.
Lower costs would result as non-profit developers will face reduced financial barriers, making affordable housing projects more viable.
It will increase supply as more affordable housing units can be built to meet the growing demand.
It would improve affordability by stabilizing or reducing rental prices benefits individuals and families seeking affordable housing.
Social and economic benefits would result as affordable housing stabilizes communities, fosters economic growth, and reduces government costs. It would also encourage local organizations to participate.
Anita Huberman is President & CEO of the Surrey Board of Trade
