(Wikimedia Commons)

$1.8B a year to reverse affordable housing crisis

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

  • Apr. 15, 2017 10:10 a.m.

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.

Just Posted

Firefighters train for ice rescue

Local emergency personnel get hands-on experience at Idlewild Lake.

WATCH: The top stories in Cranbrook this week

Take a look back at the top stories in Cranbrook between Nov. 11-17.

Forecasters promote avalanche safety awareness

Avalanche Canada advising backcountry enthusiasts to get proper training and equipment.

Oil dumped illegally at Tie Lake Transfer Station

The Regional District of East Kootenay is searching for any information in… Continue reading

Cranbrook boy, 6, creates blankets for kids

Elias Quick feels everyone deserves a fuzzy blankets, especially at Cranbrook Transition House and Alberta Children’s Hospital

Christmas Village 2017 in support of United Way EK

For the second year in a row, the Cranbrook Townsman, Kimberley Bulletin and Black Press are hosting a magical Christmas village in support of the community.

Forecast calls for a snowy Canadian winter

Canadians told to brace for a ‘classic’ Canadian winter with lots of snow

Queen Elizabeth II, Prince Philip celebrate 70th anniversary

The Queen and The Duke of Edinburgh are celebrating their platinum wedding anniversary

Charles Manson, leader of murderous ’60s cult, dead at 83

Charles Manson, whose cult slayings horrified world, dies

‘An officer and a gentleman’: Const. John Davidson is laid to rest

Thousands attend memorial service for slain Abbotsford Police officer

VIDEO: Coquihalla reopens near Merritt

Detours are available via Hwy. 8 and Hwy. 1

VIDEO: The Last Jedi is going to be the longest ‘Star Wars’ movie yet

Newest movie in the franchise will beat Star Wars: Episode II - Attack of the Clones

Most Read