The province plans to invest an additional $2 billion to support thousands of new homes priced for middle-income B.C. families.
In a Thursday (April 15) announcement by Attorney General David Eby, Minister Responsible for Housing, the money will encourage developers and community groups – by offering low-interest loans – to build affordable homes.
“These loans are repaid once construction is complete, allowing HousingHub to reinvest in additional housing, continuing to increase the number of homes built for middle-income households,” Eby said.
He added, “the only limit at this point is the time needed for municipal approval processes and the speed of construction.”
HousingHub, a division of BC Housing established in 2018, primarily supports the development of rental homes through local governments, Indigenous partners and non-profit partnerships with BC Housing.
So far, it has assisted with the financing of 3,400 homes in the province for households with an average annual income of $75,000.
“Hard-working middle-income families have been priced out of the housing market. The pandemic pushed prices even higher,” said Premier John Horgan.
HousingHub homes offered for purchase must be at or below market rate and remain affordable for a minimum of 10 years, Eby said.
The funds have designated as part of the 2021 provincial budget.
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