In many communities across Canada, a major challenge and opportunity are aging affordable housing projects. Some are in poor physical condition, are of an obsolete design, may not meet current housing needs, and have government “operating agreements” that are expiring.
At the same time, this housing offers very affordable rents relative to the current market, or compared to new affordable housing projects. Housing providers operating these projects now face a conundrum — whether to renovate and extend the life of this housing, totally redevelop, or undertake some combination. This is often labelled as “redevelopment”.
CitySpaces Consulting recently assisted a number of affordable housing providers across B.C. in determining and prioritizing which sites are most appropriate for redevelopment versus renovation or some combination, and has developed the Redevelopment Criteria Tool — a framework that can be used by any housing provider to evaluate and prioritize redevelopment of units. The Redevelopment Criteria Tool could also be a standardized way for municipalities and planners to evaluate whether a project meets municipal affordability and housing objectives.
The Redevelopment Criteria Tool comprises a guiding objective, a common set of definitions, and criteria for evaluating and scoring. The criteria for evaluation can be varied to meet specific circumstances, including funding program availability.
The Redevelopment Criteria Tool is built on the guiding objective of sustainability: projects must be able to maintain or enhance affordability while supporting appropriate and viable housing for a provider. The Redevelopment Criteria Tool takes into account key factors such as site development potential, possible rental and unit mix, construction costs and equity requirements, facility conditions and replacement costs, adjacent site amenities, and local vacancy rates.
After completion and testing of the Redevelopment Criteria Tool, a provider can then utilize the framework for evaluation of sites and application for funding opportunities from senior levels of government.
