(Guilhem Vellut/Wikimedia Commons)

$1.8B a year to reverse affordable housing crisis

The funding will be use to increase the housing supply province-wide

The BC Rental Housing Coalition has released a proposal to fix the affordable housing crisis in the province, bringing municipalities and not-for-profits into the funding plan.

Created by the BC Non-Profit Housing Association, Co-operative Housing Federation of BC and LandlordBC, the Affordable Housing Plan for BC estimates that $1.8 billion per year for 10 years would increase the rental housing supply, close the affordability gap and address chronic homelessness across the province.

“The cost of inaction is much more expensive than action,” said Kishone Roy, CEO of the BC Non-Profit Housing Association.

“The problem is very much solvable,” said David Hutniak, CEO of LandlordBC.

In addition to the $691 million over the 10 years the federal and provincial governments would invest, the report proposes that community groups, municipalities, and non-profits would fund the leftover $461 million through land contributions, leveraging equity from assets, private donations and financing.

In February, the Metro Vancouver task force on homelessness released 12 recommendations, again calling on the provincial and federal governments to create and fund a provincial poverty reduction plan.

The $1.8 billion in funding would be used to create about 80,000 new units, or about $7,000 each year – the estimated number of backlogged rental spaces, according to the report.

At least 3,500 of the new units that need to be built in B.C. must be affordable housing, according to Roy.

The funds would also provide a boost to income assistance to address the affordability gap – the difference between what renters pay for shelter and what they can afford.

According to the report, 117,000 renter households required some form of income assistance for rental payments last year.

Photo use details can be seen here.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Almost half of Canadian university students fear they cannot pay rising tuitions

COVID-19 also diminishing expectations for job market

Saanich’s autumn full-moon lantern celebration shifts to drive-thru

Harvest Moon event takes place Sept. 26 in Gordon Head

Voting now ready for Arts Alive 2020 sculptures

Audio and written descriptions posted for all 10 sculptures

Cook Street Village grocery icon closing, new owners plan major renovation

Louie family has operated Oxford Foods and predecessor for five decades at Cook and Oxford streets

WorkSafeBC investigating death at Victoria Customs House construction site

Prevention officer will ensure all safety issues addressed before work starts again

POLL: Do you agree with the decision to call a provincial election for Oct. 24?

British Columbians will put their social distancing skills to the test when… Continue reading

Rare fish washes onto Whiffin Spit in Sooke

Deep water fish identified as ‘King-of-the-salmon’

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

BC Liberal Leader talks drug addiction in the Lower Mainland

Drug addiction and public safety a top priority says Andrew Wilkinson

Island Corridor Foundation launches survey on importance of Vancouver Island rail

“ICF remains 100 per cent committed to the restoration of full rail service on Vancouver Island”

Island RCMP remind drivers not to text after 19 tickets handed out in 90 minutes

The $368 fines were handed out Tuesday on Norwell Drive and Old Island Highway in Nanaimo

Vanderhoof’s Brian Frenkel takes on top job in tough times

We can get through this, new local government leader says

Most Read