(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

Peachland resident finds severed bear paw on driveway

Tracie Gordon thought it was a Halloween prank, but it turned out to be a real bear paw

Kelowna RCMP investigating alleged group attack on teenager

A 14-year-old boy claims he was attacked by a group of teens Friday night

14th anniversary of Kelowna man’s sudden disappearance

Aaron Derbyshire was out with friends on Sept. 30, 2006, and hasn’t been seen since

Be a safe pedestrian: Kelowna RCMP

Mornings are darker and evenings come quicker, so wear bright clothing if you’re taking a walk

Kelowna Rockets alumni Luke Schenn wins Stanley Cup

Schenn is the fifth Rocket alumni in history to hoist the trophy

105 new COVID-19 cases, 1 death as health officials urge B.C. to remember safety protocols

There are currently 1268 active cases, with 3,337 people under public health monitoring

U.S. Presidential Debate Takeaways: An acrid tone from the opening minute

Here are key takeaways from the first of three scheduled presidential debates before Election Day on Nov. 3

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

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

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

16 MLAs retiring from B.C. politics add up to $20M in pensions: Taxpayers Federation

Taxpayers pay $4 for every dollar MLAs contribute to their pensions

‘Bonnie’ and ‘Henry’ among latest litter of service dog puppies

B.C. Alberta Guide Dogs names two pups after provincial health officer

Most Read