Three levels of government say they’ve finalized a deal that will provide more than $1.6 billion in federal funding over the next five years to communities in British Columbia, to build and maintain “critical infrastructure.”
Under the new Canada Community-Building Fund deal, local governments in B.C. will receive $300 million in federal infrastructure funding in 2024-2025.
A statement announcing the deal says more than $825 million, representing about half of the five-year total, will go to TransLink, the Metro Vancouver transport network.
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TransLink said the funding is a renewal of a prior agreement and will go to things like the replacement of buses.
It won’t, however, address the transit authority’s projected $600 million annual operating budget shortfall starting at the end of 2025, TransLink said.
The deal was jointly announced by federal Minister of Housing, Infrastructure and Communities Sean Fraser, B.C.’s Minister of Municipal Affairs Anne Kang and Trish Mandewo, president of the Union of BC Municipalities.
The Canada Community-Building Fund is delivered first by the federal government to the provinces and territories, which then distribute the funds to communities.
The statement says upgrading municipal infrastructure — such as public transit, recreation centres and water and waste systems — is an important part of addressing the housing crisis.
It says projects previously supported by the fund include upgrades to highways and local roads, flood mitigation and organic waste transfer facilities.
With a file from Global News