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Thursday, May 27, 2010

Canadian Mortgage Broker News - $225 million to build social housing in BC

Canadian Mortgage Broker News - $225 million to build social housing in BC

$225 million to build social housing in BC

| Wednesday, 26 May 2010


The British Columbian provincial government, in conjunction with a private foundation, will provide $225 million to build eight social housing sites on city-owned land, Premier Gordon Campbell has announced.


The eight sites are in addition to six announced previously by the BC government and are expected to be built within 18 months. The value of the land is $64 million.


"These housing units are critically important as we break the cycle of homelessness because they create a sense of stability for the people who live in them," Campbell said.


For the eight most recent developments, the province will provide $205 million and the Streettohome Foundation agreed to add another $20 million.


Together, the 14 sites will provide 1,575 apartments managed by non-profit agencies. Tenants will have access to health care, mental health services, addiction counseling as well as education and job training.


The first building to open will be an 80-unit complex slated for February.