Vancouver City Council on Monday unanimously approved a resolution supporting Proposition 3, a tax levy of about 30 cents per $1,000 in assessed value lasting 10 years.
If passed in the Feb. 14 special election, the tax would collect about $100 million total for the city of Vancouver’s Affordable Housing Fund, or $10 million annually. It would replace the fund’s current 18-cent levy, which is set to expire at the end of 2023.
Under this levy, someone who owns a home with a $500,000 assessed property valuation would pay $150 annually, or $12.50 monthly. As Vancouver grows and attracts more residents, the levy would decrease.
Revenue from the affordable housing fund is used to provide housing and housing services for low-income people, which includes constructing affordable units, funding shelter beds and providing rental assistance.
