The provincial government announced financial support for eight new affordable housing projects on Vancouver Island, part of the Building BC: Community Housing Fund (CHF). These projects will create 867 units, addressing the urgent need for affordable housing. This announcement follows the recent selection of 17 projects in Metro Vancouver for CHF funding.
The Vancouver Island projects include homes for families, seniors, and intergenerational housing in various locations like Saanich, Nanaimo, Port Alberni, and Victoria. The fund, open to non-profits, co-ops, municipalities, and First Nations, aims to address local housing needs. Selected projects must allocate 70% of homes for rent geared to income, with 20% reserved for very low-income individuals. The remaining 30% are offered at or below market rates. Further funding rounds are planned, with a focus on regional housing demands.
