B.C. to fund new income-tested rental housing on public land

The provincial government says it will spend $950 million and provide $2 billion in low-cost financing to have thousands of rental homes built on under-used public land

The provincial government says it will spend $950 million and provide $2 billion in low-cost financing to have thousands of rental homes built on under-used public land, which would then be provided to middle-income earners living in those communities.

The announcement is the latest under the province's Homes for People program, which was announced last April and promised a multi-pronged approach to supply new types of housing in the province, combat rampant speculation and address the ongoing problem of many British Columbians not having appropriate, affordable housing.

"We're learning from Vienna, we're learning from Singapore," said British Columbia Housing Minister Ravi Kahlon in North Vancouver on Tuesday, referencing other jurisdictions the province has looked to model its government-led housing programs on.

The latest plan involves "using government lands and government financing to build housing for teachers, for nurses, for construction workers, so they can afford to stay in their communities in which they work," Kahlon said.

In Tuesday's announcement, the province said it would bring down building costs, speed up the development process and offer low-cost land, financing and grants for projects.

B.C. Builds would partner with non-profit housing providers, public agencies, First Nations and community groups to build rental housing on sites such as parking lots near community centres, open areas behind hospitals and land next to long-term care homes, it said.