In an attempt to execute their promise to alleviate BC’s housing crisis, the NDP government has just announced the establishment of a new Building BC Community Housing Fund.
Through this fund, the province will invest $1.9 billion over the next 10 years to build 14,000 new affordable rental housing units for families, and low- and middle-income seniors.
They are looking to work with municipalities, non-profit societies, housing co-operatives and other partners to come up with ways to implement these plans.
Who is it for?
As of now, 50% of the units will be reserved for low- to moderate-income households, whose net income ranges from $21,000 to $95,000 per year.
30% of the houses will be for households with moderate income: net incomes of up to $71,200 for homes with fewer than two bedrooms, or up to $104,000 for homes with two or more bedrooms.
And the remaining 20% is meant for households with low income, whose earnings range between $15,000 to $30,000 annually.
“We’re building British Columbia by investing in homes for people who live and work in our communities,” says Premier Horgan.
“Fixing the housing crisis is not just about ownership. It’s about making sure that British Columbians who rent rather than own can find homes they can afford and have a future in.”
This latest initiative is a part of the NDP government’s promise to invest more than $7 billion in the housing market over the next 10 years.
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- Modular housing to be built for Indigenous women at risk of homelessness
- Province pledges over $12 million to build affordable housing units in Langford and Sooke