Premiere Christy Clark announced today that the province is committing a total of $355 million to create upwards of 2,000 new affordable housing units across BC.

Christy Clark says it’s the the largest single social and affordable housing investment in the province’s history.

“A strong, growing economy gives us the ability to make investments in critical services that build on our track record of increasing affordable housing across B.C. and ensuring more British Columbians have access to a safe and affordable place to call home,” she said in a statement.

The funds will be distributed over a five year period:

  • $50 million in 2016-17
  • $50 million in 2017-18
  • $75 million in 2018-19
  • $90 million 2019-20
  • $90 million in 2020-21

The investment will help B.C.residents with low to moderate income. BC Housing will be issuing requests for proposals to partner with municipalities, non-profit societies and other community groups throughout the province.

“This significant funding commitment by the Province will create a lot of opportunities for the non-profit housing sector and open doors for new partnerships with the B.C. government to create more long-term, stable housing solutions for those most in need,” said Bob Nicklin, chief executive officer, Affordable Housing Societies.

The funding will be generated from the Non-Profit Asset Transfer program initiated in 2014.