The province is providing an additional $2 billion in development financing through BC’s HousingHub to finance the new homes for middle-income families.
The money will allow HousingHub, a division of BC Housing, to encourage developers and community groups to build new homes for middle-income households (average annual income of $75,000) by providing loans with lower interest rates normally available. In return, the developers commit to pass on the savings of the construction cost through to the tenants and possible prospective homeowners by offering more affordable rent and ownership opportunities. These loans are then repaid once construction is complete, which allows HousingHub to invest in more homes.
The HousingHub was established in 2018, and Attorney General and Minister Responsible for Housing David Eby says they’re making good progress already. “There’s more than 3,000 homes for people with middle-incomes already completed or underway,” Eby explains, “These homes are part of more than 26,000 new affordable homes completed or underway across BC under our government, but we know there’s much more work to do”.
Minister of Finance Selina Robertson, also a former Minister of Housing, says housing in BC was viewed as a commodity or a tool for building wealth. “I would hear time and time again from people in communities right across this province that the right type of housing was absolutely life-changing,” Robertson says, “at its core, it means people can have a place they can call home”.
Attorney General Eby says the $2 billion going towards the HousingHub is a part of the 2021 budget.