BC will spend $355-million to provide affordable housing

Victoria- BC will spend $355-million to build or renovate 2,000 affordable housing units. This comes after local groups have been extremely critical of what they call a lack of funding for affordable housing from the province and the federal government. The money will be spent over a five year period and there are no specific numbers being provided for how many of those units will be in the Lower Mainland.

“This is the largest single social and affordable housing investment in the province’s history,” says Premier Christy Clark.

“This investment demonstrates the value of the asset transfer program,” says Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing. “Its success is allowing us to reinvest money back into affordable housing across the province, while also helping non-profit societies secure the financing they need to be sustainable.”