(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.

Just Posted

Young PIB man skips jail time for grad party assault

Aaron Jack-Kroeger was sentenced to a 15-month conditional sentence in Penticton’s courthouse

Angels at The Mule

Penticton nightclub introduces angel shots for safety

Honesty turns to harsher jail sentence for Penticton man

Jakob Holmes kicked a cop in the face while she was on the ground after she attempted to arrest him

Update: Fire at Osoyoos business believed to have started on lower level

A fire started on Sunday night at the East Indian Meat Shop and fruit stand

Tagger causes $30,000 damage

Penticton looking for help finding person responsible for graffiti

Testing the Google Arts & Culture app

Going face to face with art

VIDEO: Fuel truck and train collide in B.C. causing massive fire

More emergency crews are still arriving on scene of a massive fire at the Port Coquitlam rail yard.

Back to work: U.S. government shutdown ends after Democrats relent

Short-term spending measure means both sides could see another shutdown stalemate in three weeks

Man lives despite malfunctioning defibrillator at B.C. arena

A middle-aged man went into cardiac arrest after at game at Pitt Meadows Arena last Wednesday.

Cause of Northern B.C. seaplane crash released

TSB releases report on seaplane crash during a water landing in 2016 near First Nations community

Vancouver police crack down on pop-up pot vendors

Officers raided merchants’ tables on Robson Square late Sunday

Dryer explosion at Teck Elkview Operations

Locals report hearing loud bang

Bell Media, NFL take appeal over Super Bowl ad rules to top court

At issue is a ban on substituting American ads with Canadian ones during the game’s broadcast

Crown seeks 4.5 years jail for B.C. woman convicted of counselling tax evasion

Debbie Anderson the latest from group to face jail for teaching debunked ‘natural person’ theory

Most Read