TO: Mayor and Council DATE: July 21, 1972
FROM: The Planning & Zoning Committee

wma COUNC

SUL 31 1972

Mr. W. Casson, Housing Director for the Greater Vancouver
Regional District, attended the last meeting of the Planning & Zoning
Committee to bring the Committee up te date on developments in

.

Regional Housing.

Mr. Casson advised the Committee that the resolution passed
by the City Council at the regular meeting of July 3rd did not provide
him with sufficient authority to instigate regional housing within Port
Coquitlam. The Regional District would like a firm resolution that
the City of Port Coquitlam request the Regional District to embark upon
a housing program within the municipality.

With regard to the form of development that could be expected,
Mr. Casson advised that housing within the City would consist of low-—
density development and would not include any large institutional type
projects. The Regional Housing objective is to participate to a limited
degree only in multiple developments. If a developer proposes a
condominium row house type of development for example, the Regional
District would only be interested in purchasing one unit in each block
of units.

Besides subsidized rental, the Regicnal District is promoting
a program of subsidized purchase. This will enable the purchaser to
take advantage of the $1,000 Provincial Home Acquisition Grant (probably
to be used as down payment) and also the Provincial Home Owner Grant.
Neither of these provincial schemes are available to the renter. Should
a person eventually sell a subsidized home before a profit on the sale
could be realized, the Federal/Provincial/Regional District subsidy must
be first repaid as must the Home Acquisition Grant if the sale is made

before 5 years have elapsed. The purchaser therefore, in his own
interests, as his income increases, must be encouraged to pay more
monthly P.I.T. and thus reduce the subsidy.