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Vancouver Housing Authority is beefing up its middle-income housing provide with the acquisition of a 240-unit condo constructing within the Cascade Park neighborhood.
VHA CEO Andy Silver stated the company is shopping for Jens Pointe Residences, 333 N.E. 136th Ave., for $76 million. The complicated contains 16 garden-style buildings with a mixture of one- and two-bedroom items. All items can be for residents who earn between 60 to 80 % of the world median revenue, that’s, $49,560 to $60,202 yearly for a person.
“There is significant need for that range,” Silver stated.
Not solely does Vancouver want extra low-income housing, the scarcity of middle-income housing can also be dire, Silver stated.
A March report confirmed 24 % of Vancouver’s middle-income renters have housing prices that pinch their month-to-month budgets.
“The community is facing a mismatch between the cost of housing and the income in the community,” Silver stated.
Silver stated the issue has two elements.
“One is: Do we have enough apartments available that rent that’s affordable for each income band?” Silver stated. “And then two: Are those apartments really available for those people who need it, or are other people who could afford higher rents living in those apartments?”
He stated including middle-income items will steadiness the company’s portfolio “so somebody who has income of 120 percent of the area median income can’t take the apartment from somebody making 75 percent of the area median income,” Silver stated.
Occupancy at Jens Pointe is at present about 50 %. Silver stated nobody can be displaced when VHA purchases the complicated.
“We will finish renting the remaining apartments and as people naturally move out and move in to the apartments, that’s when we will attach our affordability requirements,” Silver stated.