Five Homes, 21-Year Leases: Habitat for Humanity Opens Rare Ownership Pathway in Richmond

Habitat for Humanity Greater Vancouver has listed five available units in its Richmond townhouse complex on Ash Street, a development that opened in 2018 on land acquired from the City of Richmond at a reduced rate. The nonprofit is offering four 700-square-foot two-bedroom homes and one 1,300-square-foot three-bedroom unit, each featuring private backyards. Unlike traditional rental housing, these homes operate on a 21-year lease structure designed as a "pathway to ownership," where families earning between $58,000 and $141,000 annually pay no more than 30 percent of their income in rent while accumulating equity through required volunteer hours.

This represents a distinct category between market-rate ownership and social housing. The Ash Street complex, built seven years ago through a partnership with the municipality, allows residents to build equity that can eventually translate into a down payment for a market-rate home elsewhere. Lynne Stanger, director of family and community engagement for the organization, emphasized that the program targets "moderate-income" working families who fall between eligibility for subsidized social housing and the financial capacity to purchase in Greater Vancouver's expensive market. Notably, if a family's income exceeds the $141,000 cap during their tenancy, they are not required to vacate the unit.