VICTORIA (NEWS 1130) – A scathing report from the province’s Auditor General finds a BC Housing program that sells social housing properties to non-profit societies to own and operate is costing more than its worth.
The sales will generate $500-million to address immediate social housing needs and expand rental assistance programs and will also create four-thousand new units.
But the audit finds there’s a huge long term cost. It shows BC Housing will have to pay out $30-million a year to the non-profits to help cover their mortgages which the Auditor General says will add $1-billion over the life of the 35-year-program.
Carol Bellringer says “Overall, the ministry has not demonstrated that these sales will result in a more sustainable social-housing sector, as intended.”