Canada-BC Agreement for Investment in Affordable Housing
In July 2011, the Province of British Columbia and the Government of Canada announced an $180-million Investment in Affordable Housing funding agreement to help create more affordable housing options for B.C. residents and continue to reduce the number of households in housing need.
Under the agreement, both orders of Government will provide matching contributions of $90 million each over the next three years to fund programs that support a range of housing needs for low-income individuals, families and seniors. The overall objective of the agreement is to improve access to affordable housing that is sound, suitable and sustainable. Funding can go toward new construction, renovation, homeownership assistance, rent supplements, shelter allowances, and accommodations for victims of family violence.
The agreement recognizes the diversity of affordable housing needs of Canadians and that a range of solutions is needed to meet local needs and priorities. Under this framework, provinces and territories have responsibility for the design and delivery of affordable housing programs that address specific housing needs in their jurisdictions. The agreement delivers the final three years of a five-year Government of Canada investment of more than $1.9 billion in housing and homelessness supports.
The Federal-Provincial Housing initiative is the final and largest component of the Investment in Affordable Housing agreement and represents a combined $155 million investment in affordable housing in British Columbia. Other funding components under the agreement include:
Home Adaptations for Independence (HAFI) – $15 million
Affordable Rental Housing (ARH) initiative (with Columbia Basin Trust) - $5 million
Aboriginal Housing Initiative (AHI Phase II) - $5 million
Both orders of government will report annually to the public regarding the investments and progress toward achieving the intended outcomes of the initiative.