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Richmond weighs cash for affordable housing

(RICHMOND) – Richmond is weighing the possibility of taking cash from a developer rather than having them build 29 affordable housing units as part of a larger project near the Olympic Oval.

The developer has offered $4.6 million in cash and mayor Malcolm Brodie says the city is considering going against policy and taking some of the money.

“We have a project where, in order to spur some very special affordable housing, we have guaranteed some interim funding. We always contemplated that would come through developer contribution.”

Brodie says the special project near City Hall would provide specialized affordable housing units.

The city will unveil detailed plans for the project later this month.

He says the move wouldn’t eliminate all of the proposed 29 units near the Olympic Oval.

They city has countered the developers proposal.

“After the planning committee looked at it, they turned it back to staff and said ‘we want you to explore taking $3 million’, which is our commitment. And we want the balance of $1.6 million in units.”

The city’s planning department is going over the proposal.