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.
- 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.
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.
Two backgrounders follow.
Community breakdown of projects approved for $516 million
Lower Mainland / Fraser Valley – 22 projects / 1,441 units
- Burnaby – 3 projects / 202 units
- Chilliwack – 2 projects / 115 units
- Richmond – 1 projects / 160 units
- Surrey – 5 projects / 326 units
- Vancouver – 10 projects / 611 units
- Whistler – 1 project / 27 units
Vancouver Island / Gulf Islands – 18 projects / 774 units
- Campbell River – 1 project / 21 units
- Colwood – 1 project / 104 units
- Courtenay – 2 projects / 38 units
- Langford – 1 project / 64 units
- Nanaimo – 4 projects / 153 units
- Port Alberni – 2 projects / 36 units
- Saanich – 3 projects / 140 units
- Sooke – 1 project / 40 units
- Victoria – 2 projects / 162 units
- Quadra Island – 1 project / 16 units
Coast – 8 projects / 172 units
- Madeira Park – 1 project / 14 units
- Powell River – 1 project / 27 units
- Port Edward – 1 project / 8 units
- Port Simpson – 2 projects / 18 units
- Prince Rupert – 2 projects / 60 units
- Terrace – 1 project / 45 units
Thompson-Okanagan – 9 projects / 256 units
- Clearwater – 1 project / 26 units
- Kelowna – 4 projects / 131 units
- Keremeos – 2 projects / 24 units
- Okanagan Falls – 1 project / 35 units
- Penticton – 1 project / 40 units
Kootenay – 5 projects / 86 units
- Creston – 1 project / 9 units
- Kimberley – 1 project / 8 units
- Nakusp – 1 project / 9 units
- Nelson – 1 project/ 48 units
- Slocan Valley – 1 project / 12 units
Cariboo – 2 projects / 68 units
- Quesnel – 2 projects / 68 units
North / Northeast – 2 projects / 31 units
- Fort St. James – 1 project / 16 units
- Smithers – 1 project / 15 units
Details of additional projects totalling 69 units in Kamloops and Prince George will be announced within the next week.
Total: 68 projects / 2,897 units
For additional details of each project, please visit: http://www.bchousing.org/Media/NR/2016/11/21/12228_1611211114-875
Funding breakdown for affordable housing projects
Funding for the 68 projects will be provided from two provincial affordable housing programs announced this year.
Investment in Housing Innovation ($500 million):
On Sept. 19, 2016, the B.C. government announced $500 million to create approximately 2,900 units of affordable rental housing.
A total of 53 projects (2,404 units) have been approved for funding representing a $437 million investment.
Provincial Investment In Affordable Housing Program ($355 million):
On Feb. 12, 2016, the Province announced $355 million for construction and renovation of more than 2,000 units of affordable rental housing.
The funds will be distributed over a five year period.
A total of 15 projects (493 units) have been approved for funding representing a $79 million investment.
Well take note no investment on affordable housing in Abbotsford and Mission area of Fraser Valley in this detailed report
This was the early Announcement that BC Govt announced on this back in Sept 2016 did not detail in September