National

B.C. puts $2B in affordable housing loan program

Darpan News Desk The Canadian Press, 15 Apr, 2021 08:39 PM

The B.C. government says it's investing $2 billion in a low-interest loan program for builders of affordable housing.

Housing Minister David Eby says the financing will be provided to private developers and community groups through the province's HousingHub program, a division of BC Housing.

The housing will target projects for renters and buyers with average household incomes of $75,000.

Eby says the loans will be provided at below-market rates and in return, developers will commit to passing the construction savings on to residents through more affordable rents and housing prices.

He says the loans will be repaid once construction is complete, allowing HousingHub to reinvest in more units.

Finance Minister Selina Robinson says the funding is part of Budget 2021, which will be unveiled in full next week.

"For far too long, housing in British Columbia was viewed as a commodity and a tool for building wealth, rather than a basic necessity of a home," said Robinson, who was the housing minister before taking on the finance portfolio.

"The simple truth is, affordable housing is life changing."

Prev Next

MORE National ARTICLES

RCMP start criminal probe in B.C. train derailment

Sgt. Janelle Shoihet says the probe comes after a preliminary review of the incident near Field, B.C., that killed three rail company employees

RCMP start criminal probe in B.C. train derailment

B.C. budget deficit forecast to hit $13.6 billion

In February, the government projected a budget surplus of $227 million for 2020-21 but that was before the impact of the COVID-19 pandemic.

B.C. budget deficit forecast to hit $13.6 billion

Groups warn of CERB clawbacks on vulnerable youth

They are now among the 441,000 people who have received letters from the Canada Revenue Agency questioning their eligibility for the CERB, and warning they may owe back some of the payments.

Groups warn of CERB clawbacks on vulnerable youth

Surrey RCMP recover stolen bank and ID cards

Shortly after 8 a.m. on December 8, 2020, Surrey RCMP responded to the theft of a vehicle from a residence in the 17200-block of 57 Avenue. The stolen vehicle had the owner’s credit card inside which was fraudulently used soon after it was stolen, at a business near 168 Street and 60 Avenue.