BC and Ottawa sign agreement to build $1 billion of affordable housing
Another affordable housing spending initiative is now in motion, but this time it is a partnership between both the federal and provincial governments.
On Tuesday, the senior governments signed an agreement to spend $991 million on repairing and building new social housing and support housing, with each government allocating an equal amount of funding over the span of 10 years beginning April 1, 2019.
“The Government of Canada is committed to ensuring that every Canadian has a safe and affordable place to call home,” said Jean-Yves Duclos, the federal Minister responsible for Canada Mortage Housing Corporation, in a statement.
“Long-term, predictable funding for housing has been needed for more than a decade. Today, with the British Columbia government, we have taken a significant step toward our goal of building strong communities where Canadians can prosper and thrive, now and for the future.”
The federal funding will help support the provincial government’s existing $6.5-billion program to build 114,000 affordable homes over the same timeframe.
Federal funding towards the provincial program comes from the $40-billion national housing strategy announced by the federal government last year. This 10-year strategy aims to remove 530,000 families from “housing need” and create 100,000 new housing units.