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Province to Spend $2B for New Homes to Support Middle-Income Families

Victoria – The Province is providing an additional $2 billion in development financing through B.C.’s HousingHub to finance the construction of thousands of new homes for middle-income families.

For more information about HousingHub: https://www.bchousing.org/housinghub

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

“It’s not enough for governments to simply be empathetic about the problems in our housing market faced by the people who make our province run. We need to take real action, which is what today’s announcement represents,” said David Eby, Attorney General and Minister Responsible for Housing. “Two billion dollars in a rotating line of credit that builds affordable housing across this province will be transformative. Demand for specific projects from builders already exists for the full first round of funding. And because this money is repaid once construction is done, it will build thousands of units of affordable housing again, again and again. The only limit at this point is the time needed for municipal approval processes and the speed of construction. Let’s get building.”

This additional $2 billion will allow HousingHub, a division of BC Housing, to encourage developers and community groups to build new homes for middle-income households by providing loans with lower interest rates than would be otherwise available. In return, developers commit to pass these construction-cost savings through to the tenants and prospective homeowners in the form of more affordable rents and homeownership opportunities. These loans are repaid once construction is complete, allowing HousingHub to reinvest in additional housing, continuing to increase the number of homes built for middle-income households over the 10-year lifespan of the program.

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