The affordable mixed-income rental homes will be built in 42 communities as part of the Building BC: Community Housing Fund. The Building BC: Community Housing Fund, which involves a CA$1.9bn investment over 10 years, will build more than 14,000 affordable rental homes. These 4,900 homes, the first set of projects selected through this fund, will include both non-profits and co-ops, and will be built over the next two to three years.
Premier John Horgan said: “These new, affordable rental homes are an important step toward addressing the housing crisis and giving families in every part of the province a break from skyrocketing housing costs.”
The new homes are designed to address the need for affordable housing across a range of income levels, in response to a housing crisis that has made housing unaffordable for even middle-class families.
The scheme will include homes for middle-income individuals and families, deeply subsidised rentals for seniors and others on fixed incomes, and homes for low-wage workers.