BC Housing announced funding for 4,900 new rental units for families and seniors from a range of incomes. Forty seven will be built in Oliver.
That number is high in proportion to the population of Oliver. The City of Kelowna, which has roughly 25 times the population of the Town, was granted funding for only 73 units.
Urban Matters CCC was granted $4.7 million to build the units. Across the province, all successful applications were granted the maximum amount of $100,000 per unit.
The Community Housing Fund will be investing $1.9-billion over a 10-year period. Of that, $492 million will be spent over the next three years on the 4,900 new units announced last week.
“The Community Housing Fund program works by helping fund housing projects by non-profit housing providers – which will own and operate the rental units,” said Tracy Wells from BC Housing. “These housing providers will contract with development and construction companies to build the housing.”
The criteria was “based on a number of factors including, but not limited to, community need and demand and the impact each project is expected to have reducing the community’s affordable rental housing need,” she said.
Premier John Horgan said the Province has been facing a housing crisis for years, and the Community Housing Fund was established to address years of inaction.
“These new, affordable rental homes are an important step toward addressing the housing crisis and giving families in every part of the province a break from skyrocketing housing costs,” said Horgan.
The buildings contracted through the Community Housing Fund will offer units to residents belonging to several levels of tax brackets, “including homes for middle-income individuals and families, deeply subsidized rentals for seniors and others on fixed incomes.