Prices and home sales in the West Shore generally saw a slight annual uptick according to VREB’s latest report. (File photo)

Feds’ latest investment aims to boost affordable housing across Canada

Corporation to create and offer bonds in capital markets at long-term fixed interest rates

The federal government is investing in what it calls an innovative financing model that it says will help generate funds for affordable housing projects.

A government news release says the new lending institution, HPC Housing Investment Corporation, will provide funds to investors by creating and offering bonds in capital markets at long-term fixed interest rates.

Fisheries Minister Jonathan Wilkinson made the announcement in Vancouver saying the corporation will have the ability to take a relatively small investment and maximize it.

An investment of $20 million from the Affordable Housing Innovation Fund is being used to complete the first round of financing that the release says is valued at approximately $33.1 million for two separate projects in B.C. and Alberta.

The developments, one in Vancouver’s former Olympic Village and the other in north-central Edmonton, will offer a total of 271 units to low- and middle-income tenants, while 10 of the homes in Vancouver will be provided at shelter rates.

Shayne Ramsay, the chair and president of HPC Housing Investment Corporation, says the new approach offers more financing options for affordable housing providers.

“Regardless of size or funding need, (the corporation) provides the financial expertise and underwriting required to bridge the gap between housing providers and debt investors,” Ramsay says in the release.

Ottawa says its initial $20 million commitment will create a $400 million pool of funding for projects across the country.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Ghostriders climb Rockies in nail biting home victory

The Ghostriders took a nail biting 6-5 victory at home against the… Continue reading

Regional winter road maintenance operations underway

Mainroad East Kootenay Contracting shifting into winter as snow season fast approaches

Steelmaking coal experts optimistic on price despite emerging green-tech

Steelmaking coal is experiencing a moderate recovery after prices dropped to US$130/t… Continue reading

Columbia River Treaty: ‘It is going to get tough’

B.C. negotiator tells Nelson meeting that talks are cordial, so far

WildSafeBC reminds East Kootenay residents to give deer space during rut

Be cautious when driving as well, says WildSafeBC

B.C. politicians view supermodel’s transition journey on Transgender Day

Liberal MLA Jane Thornthwaite and New Democrat MLA Spencer Chandra Herbert appear in the documentary

B.C. mayor urges premier to tweak road speeds in an ‘epidemic of road crash fatalities’

Haynes cites ICBC and provincial documents in letter to John Horgan

B.C. won’t appeal decision protecting ICBC court experts

Change to evidence rules next to save money, David Eby says

1898 Yukon gold rush photo featuring Greta Thunberg look-alike sends internet into tailspin

Jokes erupted this week after a 120-year-old photo taken by Eric A. Hegg surfaced from archives

BC Ferries’ two new hybrid vessels set sail for B.C. from Romania

Two Island Class ferries to be in use by 2020

Distracted driving tickets not for ICBC revenue, B.C. minister says

Minister Mike Farnworth calls SenseBC analysis ‘nonsense’

CN Rail strike and lack of trucking alternatives stoke forest industry fears

Companies calling on the federal government to ‘do everything in its power’ to end the strike

Prime Minister Justin Trudeau unveils new Liberal cabinet

Pivotal role in his new cabinet for a minority-government era goes to Chrystia Freeland

B.C. mom, kids on bike turned away from Tim Hortons drive-thru

Car-free for years, Charity Millar ‘felt gross’ being denied service

Most Read