It’s a program aimed at making it easier to get rental housing for middle income earners such as teachers, nurses, transit operators, construction workers, small business owners and others.
That’s how a representative from BC Builds described their housing program to Delta council at a presentation earlier this month, explaining the program, delivered by BC Housing, is to speed up the development of new homes for middle-income working people.
Lisa Helps, an Executive Lead with BC Builds, said it’s not an affordable housing program, per se, but a program aimed at “taking care of the people in our communities who work hard to keep them running.”
Noting it’s a new area for the government to be involved, Helps said BC Builds is an attempt to fill a noticeable housing gap.
“It’s not that they can’t afford housing, but that there isn’t enough housing for them to rent,” she said.
Noting the financing and building new rental housing is challenging due to high costs, including land and construction, Helps explained BC Builds uses low-cost land, low-interest financing and grants, while bringing the different players together to speed up project timelines.
The program, that sees collaboration among landowners, local governments, residential developers and others including societies, is primarily aimed at unlocking underutilized land as well as incorporate housing above new infrastructure.
The first projects will be ready by 2026.
The program is geared to those making $84,780-to-$131,950 for studio or one-bedroom homes to rent, while two-bedroom or larger homes would be available for those making $134,410-to-$191,910.
The program also seeks rental opportunities managed by non-profit and private developers, with 20 per cent of units rented at 20 per cent below market.
Listing the projects already approved, Helps explained that while BC Builds is a rental supply program, they are also hoping to create a home ownership program.
Asked by Coun. Rod Binder if mixed-use buildings could qualify as projects, Help’s responded, “Absolutely, those are our favourite types of projects, where we can get something on the bottom floor with housing in top.”
BC Builds could finance 100 per cent of the construction cost as long as the non-residential use of the building is not more than 30 per cent, she added.
Noting it’s a new endeavor for the BC government to invest in housing for middle-income earners, Coun. Dylan Kruger said it is clearly part of a philosophy to provide housing across the spectrum.
Mayor George Harvie said he’s looking forward to seeing what can be done in Delta, adding he would like to see a parcel of underutilized land that had been severed since the construction of the South Fraser Perimeter Road used for housing.
Helps said the province is undertaking a land inventory, looking at all its sites across the province, with sites to be handed over to BC Builds, and could include partnerships with First Nations.
The federal government has contributed $2 billion for the program, while it has $2 billion in financing and $1 billion available in grants, which could create 8,000-to-10,000 new rental units in the next three years, with buildings primarily owned at operated by non-profits.
