The province announced Monday that $500 million will be used to create 2,900 affordable rental units.
Speaking in Burnaby, Premier Christy Clark says a the rental units will be created in partnership with non-profit groups, local governments, community agencies and the private sector.
Earlier this year, the government implemented a 15 per cent tax on properties purchased by foreign buyers and that money will go towards the new rental stock. The rest will come from the province’s larger-than-anticipated budget revenues.
This is in addition to $355 million announced back in February earmarked for 2,000 units of new affordable housing.
The money will fund a mix of housing for low-to moderate-income earners, seniors, students, adults with developmental disabilities, aboriginal people and single parents.
The province said it has already identified several projects and announcements will be made upon approval in the coming months.
All projects will be identified and approved by March 2017. Newly constructed housing will be completed over the next 24 to 36 months.