People earning a low to moderate income will have more options when it comes to affordable housing in British Columbia.
The province announced on Friday that it will be committing $355 million over the next five years to create close to 2,000 new affordable housing units in B.C. The housing options will be available through the new Provincial Investment in Affordable Housing Program.
BC Housing will be putting out Requests for Proposals to partner with municipalities, non-profit societies and other provincial community groups regarding innovative housing projects that create more affordable housing for those in the greatest need.
“This is the largest single social and affordable housing investment in the province’s history,” Premier Christy Clark said in a statement.
“A strong, growing economy gives us the ability to make investments in critical services that build on our track record of increasing affordable housing across B.C. and ensuring more British Columbians have access to a safe and affordable place to call home.”
The money will distributed over a five year period: $50M in 2016 – 2017; $50M in 2017-2018; $75M in 2018-2019; $90M in 2019-2020 and $90M in 2020-2021. The funding will be generated from the Non-Profit Asset Transfer program started in 2014.
“This significant funding commitment by the province will create a lot of opportunities for the non-profit housing sector and open doors for new partnerships with the B.C. government to create more long-term, stable housing solutions for those most in need,” said Bob Nicklin, chief executive officer, Affordable Housing Societies.
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