Province announces plan to build 2,900 rental units

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BURNABY (NEWS 1130) – Premier Christy Clark is announcing $500 million towards an affordable housing plan, which will help build 2,900 rental units over the next two to three years.

The half-a-billion dollar commitment will be funded in part by the 15 per cent tax on foreign home buyers in Metro Vancouver, which kicked-in in August. Non-profit societies, other levels of government, the private sector and community organizations will also contribute.

In her speech today, Clark called it the “largest affordable housing investment in one year by any province in Canadian history.”

It’s expected the specific locations and projects will be identified and approved by March 2017. The funding will be doled out on a project-specific basis.

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