Province details half-a-billion dollars in affordable housing

B.C.’s strong economy means British Columbian families in need of affordable rental housing will soon have access to close to 2,900 new units of housing, thanks to the B.C. government’s funding commitment of $516 million toward the 68 projects announced today.

These investments are estimated to produce 5,500 jobs.

“This is why we continue to work so hard to build Canada’s leading economy,” said Premier Christy Clark. “It gives us the ability to make significant investments, put British Columbians first, and take immediate action to increase the rental supply in communities throughout B.C.”

The new housing projects will serve a wide range of needs including low- to moderate-income renters, seniors, youth, adults with developmental disabilities, Aboriginal people and women and children.

The announcement was made at one of the project sites in Surrey where a new, 40-unit affordable housing development will be built to provide housing for low-to moderate-income single women with children with special needs.

The Province is providing $4.7 million to fund the project, in partnership with YWCA Metro Vancouver.

“Recognizing the need for more affordable rental housing in the province, we have acted quickly, approving the development of these projects,” said Rich Coleman, Minister of Natural Gas Development and Responsible for Housing.

“We will continue to partner with all levels of government, non-profit housing providers and the private sector to make sure we increase housing and rental supply to meet demand.”

In September, the Province announced a $500 million investment which is the largest single-year housing investment by any province in Canada. When added to February’s five-year, $355 million investment.

The B.C. government has announced a total of $855 million for affordable housing this year.

Details for the remaining housing projects will be announced later this fiscal year.

For further information and a funding breakdown see backgrounders.

Quick Facts:

• Since 2001, the Government of British Columbia has invested $4.9 billion to provide affordable housing for low income individuals, seniors, youth, adults with developmental disabilities, Aboriginal people and women and children.
• More than 104,000 B.C. households benefit from a diverse range of provincial housing programs and services.
• Since 2001, the Province has completed close to 24,000 new units of affordable housing.
• Financial assistance has also been provided to more than 30,000 B.C. households to ensure rent is more affordable.

(flickr.com)

Learn More:

To learn more about the Province’s actions on housing affordability, visit: http://housingaffordability.gov.bc.ca/

For information on housing affordability programs and services in B.C.

visit: http://housingaffordability.gov.bc.ca/categories/housing-affordability-programs-and-services/

Two backgrounders follow.