The provincial government is following through on a promise to build thousands of new rental housing units.
Premier John Horgan says they have created the Building BC Community Housing Fund and are seeding it with $1.9 billion over ten years to build 14,000 rental units.
“The first $355 million goes out the door now and we are looking at the next 24 months.”
Horgan says the rental prices will abide by the CMHC definition of affordability or at or below 30-percent of household incomes.
“And we are not hearing a clamouring for more one bedroom condominiums in the sky. There is clamouring for more family appropriate housing in locations that makes sense for families. We are going to shape the program to that as we do calls for expressions of interest and flow money to the providers.”
He says 30% of the units in each project will be for moderate income households and half will be for low to moderate income earners.