DESCRIPTION
The Downtown Eastside Community Land Trust (DTES CLT) is acquiring 556 Powell Street, a 23-unit SRO with a ground-floor childcare space operated by a local non-profit. The acquisition will place the building under permanent community ownership and ensure all units remain deeply affordable for residents living on income assistance (at or near $500/month). The DTES CLT will operate the building with a tenant-led model delivered in partnership with a community organization, supporting mutual care, building community connections, and offering opportunities for tenants to develop pre-employment skills. Funding is required to support acquisition and essential repairs
DETAILS
Property Id
Phase
Development
Affordability Framework
100% of units will be deeply affordable and accessible to those living on BC Income assistance. The current housing rate for Income Assistance is $500/month.
Target Completion Date
Total Project Cost
$3,300,000
Total Units
23
Affordable Units
23
Populations Served
Homelessness
Project Funding
Funding Required
$900,000 in equity.
Funds Raised
$1 million from Reaching Home; $1 million from CMHC Innovation, $250,000 Vancouver Foundation, $150,000 from private donations
Use of funds
The funds will enable the DTES CLT to complete the acquisition, carry out essential repairs for current tenants, and ensure the building's long-term use as deeply affordable housing.
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