National

B.C. puts $2B in affordable housing loan program

Darpan News Desk The Canadian Press, 15 Apr, 2021 08:39 PM

The B.C. government says it's investing $2 billion in a low-interest loan program for builders of affordable housing.

Housing Minister David Eby says the financing will be provided to private developers and community groups through the province's HousingHub program, a division of BC Housing.

The housing will target projects for renters and buyers with average household incomes of $75,000.

Eby says the loans will be provided at below-market rates and in return, developers will commit to passing the construction savings on to residents through more affordable rents and housing prices.

He says the loans will be repaid once construction is complete, allowing HousingHub to reinvest in more units.

Finance Minister Selina Robinson says the funding is part of Budget 2021, which will be unveiled in full next week.

"For far too long, housing in British Columbia was viewed as a commodity and a tool for building wealth, rather than a basic necessity of a home," said Robinson, who was the housing minister before taking on the finance portfolio.

"The simple truth is, affordable housing is life changing."

Prev Next

MORE National ARTICLES

Protective Equipment Supply 'Wicked Problem,' Says B.C. Health Officer

VICTORIA - British Columbia has cleared hospital space for almost 4,000 possible COVID-19 patients, but potential shortages of personal protective equipment for health workers has become "our wicked problem," provincial health officer Dr. Bonnie Henry said Wednesday.

Protective Equipment Supply 'Wicked Problem,' Says B.C. Health Officer

Pandemic Response Must Uphold Human Rights, Avoid Discrimination: B.C. Commissioner

VANCOUVER - British Columbia's human rights commissioner is urging policy-makers, employers, landlords and service providers to keep human rights principles at the core of their response to the COVID-19 pandemic.

Pandemic Response Must Uphold Human Rights, Avoid Discrimination: B.C. Commissioner

B.C. Offers $500 Monthly Rental Rebate, Moratorium On Evictions, Rent Freeze

VICTORIA - The British Columbia government will offer financial relief to renters and landlords to ensure people have safe homes during the novel coronavirus pandemic, Premier John Horgan said Wednesday.

B.C. Offers $500 Monthly Rental Rebate, Moratorium On Evictions, Rent Freeze

With A Crash And A Bang, B.C. Residents Applaud Health-Care Workers

At the same time each night, Rev. Gary Paterson and about half a dozen other neighbours have begun gathering at least two metres apart on the rooftop patio of their building in Vancouver's west end.

With A Crash And A Bang, B.C. Residents Applaud Health-Care Workers

BC Takes Unprecedented Steps To Support COVID-19 Response - SEE All The Highlights

The B.C. government stepped up its efforts under the Emergency Program Act on Thursday to ensure, among other things, that goods and services are getting to those who need them. Here's a look at what is happening:

BC Takes Unprecedented Steps To Support COVID-19 Response - SEE All The Highlights

Air Canada Begins Operating Cargo-Only Flights Carrying Vital Supplies, Necessary Goods

"Air Canada Cargo has long served as a vital link in global supply chains and with the disruption arising from the COVID-19 pandemic our capabilities are more important than ever.