Premier Christy Clark announced today that the B.C. government is providing $355 million to fund 2,000 affordable housing units in the province.
Clark says it’s the largest single social and affordable housing investment in the province’s history.
“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,” she said in a statement.
The funding will be distributed over a period of five years, starting with an initial investment of $50 million for 2016-17. The following four years are as follows:
- $50 million for 2017/2018
- $75 million for 2018/2019
- $90 million for 2019/2020
- $90 million for 2020/2021
The investment will benefit B.C. residents with low to moderate income. BC Housing will be issuing requests for proposals from municipalities and non-profits throughout the province.
“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,” CEO of Affordable Housing Societies Bob Nicklin said in a statement.
Funding will be generated from the Non-Profit Asset Transfer program that was launched in 2014.