B.C. announces funding for 3,500 new affordable rental homes
The B.C. government has announced it will fund the construction of 3,500 new rental homes for those with moderate and low incomes.
In an announcement on Monday, housing minister Ravi Kahlon says the government is inviting non-profit organizations, First Nations, municipalities, and other groups to submit housing proposals to apply for funding through 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,” Kahlon said. “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.”
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According to the province, the CHF was established with the goal of building more than 20,000 affordable rental homes for moderate- and low-income people by 2032. The total fund is $3.3 billion, and the province says 9,000 homes are already either open or underway across B.C. It says there will be more announcements in the next four years asking for proposals to build the remaining units.
Thom Armstrong, CEO of the Co-operative Housing Federation of British Columbia, says the announcement is welcomed as there is “desperate and growing need for more safe, secure, affordable housing for British Columbians.”
“Help is on the way for 3,500 more households that are struggling to make ends meet in this overheated housing market,” Armstrong said. “This government continues to lead the way in Canada by making new affordable housing supply a priority.”
Rents for residents of housing built through the CHF program are set at 30 per cent of their incomes. Under the program, 20 per cent of the residents will be those with very low incomes, including those on disability assistance.
BC Housing says it will accept proposals until mid-November, and the projects will be announced in early 2024. The government says it will prioritize projects based on need.
