The funding will target projects for renters and buyers with average household incomes of $75,000.
Eby said 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.
The loans will be repaid once construction is complete, allowing HousingHub to reinvest in more units, he added.
Finance Minister Selina Robinson said 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.