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Province details plan to build 4,900 affordable rentals

FILE: Condos and apartment buildings are seen in downtown Vancouver, B.C., on Thursday February 2, 2017. (THE CANADIAN PRESS/Darryl Dyck)
Summary

The province has committed to building 4,900 rental homes over the next 3 years

2,800 of those units will be designated for Metro Vancouver and the Fraser Valley

The homes will include both co-op and non-profit projects, 20% are intended for incomes of $30K or lower

VANCOUVER( NEWS 1130) – The province is committing $492-million to build 4,900 rental homes over the next three years, with more than 2,800 of these units designated for Metro Vancouver and the Fraser Valley.

“We want a range of people to have access to this new affordable housing,” says Housing Minister Selina Robinson. “So projects will include a mix of rent levels, including deep subsidy units for those on low incomes.”

These homes will include both co-op and non-profit projects, with 20 per cent are intended for those on annual incomes of $30,000 or lower, with 50 per cent aimed at households earning between $21,000 and $95,000 annually. The remainder of the units is targeted toward those on middle incomes.

“Through the community housing fund, we want to create healthy, mixed-income developments and diverse sustainable housing that will support strong communities,” says Robinson. “Housing that will give people an opportunity to stay in their community.”

This plan is part of a larger $1.9-billion commitment from the province to construct 14,000 rental homes for seniors, families and low and middle-income earners over 10 years.