B.C. puts $2B toward low-interest loans for builders of affordable housing
David Eby speaks during a press conference at Legislature on Wednesday, March 27, 2019. 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 CANADIAN PRESS/Chad Hipolito April 15, 2021 - 3:32 PM
VICTORIA - The B.C. government is investing $2 billion in a low-interest loan program for builders of affordable housing.
Housing Minister David Eby said Thursday the financing will be offered to private developers and community groups through the province s HousingHub program, a division of BC Housing.
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.
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Camille Bains
A homeless camp is pictured in Strathcona Park close to the downtown core of Vancouver on March 9, 2021. THE CANADIAN PRESS/Jonathan Hayward April 06, 2021 - 3:13 PM
VANCOUVER - A formal agreement has been signed by British Columbia, the city and parks board to work together to end a 10-month encampment in Vancouver that has frustrated residents who lost access to a park in their neighbourhood.
Housing Minister David Eby said Tuesday the agreement will involve the province, city and parks board as they try to find solutions to difficult social problems like homelessness involving other encampments in the future.
Strathcona Park has been occupied since last June by people living in up to 400 tents. The province has promised to provide housing by April 30.
Eby said the agreement is a commitment to work together on an ongoing basis to minimize the risk of future encampments in public spaces.
Part of the commitment involves the city and the park board enforcing bylaws on camping in public places when suitable spaces are available for people to move indoors.
Earlier this month, the B.C. government announced it had bought three more hotels with a total of 249 units to help house the homeless. About 114 units are expected to be available soon.