The province says its new initiative uses government, community and non-profit-owned land to build homes that middle-income British Columbians can afford.
BC Builds aims to lower construction costs, speed up timelines and deliver more affordable homes, according to the province. It aims to do this with $2 billion in low-cost financing and a commitment of $950 million for the overall program.
BC Builds details include that at least 20 per cent of all homes will have rents that are at least 20 per cent below market value, for partnerships with non-profits and First Nations.
Rent targets will also not exceed 30 per cent of a household income, exceed market rent for the community, and will aim to bring one-, two- and three-, and four-bedroom homes, according to the province.
“Anyone looking for a place to live knows how hard it is – even if you make a decent salary there are not enough rental homes people can afford,” said premier David Eby.
“The private sector alone has not been able to deliver the homes middle-class people in B.C. need.”
Projects are already underway, including one in the Cowichan Valley and one in Gibsons. A site owned by the Cowichan Tribes is approved to have a four-to-six-storey wood-frame building for 199 units for middle-income people and families living in the area.
It will also have new governance headquarters for Cowichan Tribes and space for Indigenous businesses.
The site owned by the Town of Gibsons is being developed by the non-profit New Commons and will it be operated by the Sunshine Coast Affordable Housing Society. It will also be a four-storey wood-frame building with 33 homes ranging from studios to three-bedroom homes.
It will also have an early childcare centre with 24 childcare spaces, preschool daycare and before-and-after school care for eight children.
The province says they use lower government borrowing rates and work with municipalities, landowners, residential builders and housing operators to finish projects within 12 to 18 months.
