The City of Vancouver wants to ensure greater and efficacy of a key development contribution policy without adding burden to housing costs and taxpayers.
Community Amenity Contributions are in-kind or cash contributions provided by property developers as part of the rezoning process, which grants an increase in development potential or a change in the permitted uses of a site.
Some of the funding for parks, libraries, childcare facilities and affordable housing come from these contributions.
The City's Community Amenity Contribution (CAC) Policy has being updated to increase equity and add a city-wide framework for all community investments.
"Making these amenity investments more transferable will help our fastest growing communities secure the infrastructure they need in their neighbourhoods," said Mayor Kennedy Stewart. "This developer contribution model also ensures that we are not impacting housing costs or adding an additional burden on taxpayers to support the many amenities we need."
The CAC policy includes 5 key updates:
- CACs will allocate development contributions to the following important public benefits: Affordable housing; Childcare; Transportation; Community facilities; Public safety; Parks and open spaces; Arts and culture; and Heritage conservation.
- CAC's will continue to be prioritized in the neighborhood in which the rezoning takes place, but will now incorporate a more portable, equitable approach by investing in public benefits that extend beyond a particular area so that more residents can enjoy them.
- The City is introducing the possibility to allow applicants to defer a portion of cash CACs valued over $20 million, to make it easier to pay over time.
- Consistent with current practice, the City will not refund previously approved cash CACs or alter in-kind CACs following a public hearing. In-kind CACs may only be altered through the resubmission of a new rezoning application.
- Ownership of in-kind CACs by non-profit, indigenous, and governments will be introduced, subject to specific legal conditions.