The next phase of building thousands of new affordable rental homes in B.C. has begun, as the province is asking for proposals to be submitted.
More than 3,500 rental homes will be built and funded through the latest round of funding with the Building BC: Community Housing Fund (CHF).
“We are in a housing crisis, and this new round of CHF funding will ensure more people have access to an affordable place to live by creating approximately 3,500 homes,” said Ravi Kahlon, B.C. minister of housing.
“This is a significant step toward our goal of 20,000 CHF-funded homes by 2032, as our province increases its housing stock faster than ever so people have the homes they need now and into the future.”
The province has invited non-profits, First Nations, municipalities and other organizations to submit proposals, which will be accepted until mid-November.
The proposals will be evaluated for the 3,500 new homes, which are expected to be finalized for early 2024.
“We welcome this response to the desperate and growing need for more safe, secure, affordable housing for British Columbians,” said Thom Armstrong, the Co-operative Housing Federation of British Columbia’s CEO.
“Help is on the way for 3,500 more households that are struggling to make ends meet in this overheated housing market.”
Projects will be prioritized based on several criteria, including prioritized populations and the effect the project would have in addressing the community’s affordable rental housing need. Project-development funding will also be available for projects that require further development to prepare them for the next CHF funding call.
The CHF is a $3.3-billion investment to build more than 20,000 affordable rental homes for people with moderate and low incomes by 2031-32.
Approximately 9,000 of these homes are open or underway throughout the province.
Under the CHF program, most residents (70 per cent) pay rent geared to income, where rent is generally based on 30 per cent of household income.
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