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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Senior A Basketball: Maaqtusiis girls heading to Provincials

Ahousaht school’s boys team earns Most Sportsmanlike recognition at tournament.

Tofino and Ucluelet revise single-use plastics bans after Victoria loses appeal

West Coast updating plastic bans to protect themselves from the Canadian Plastic Bag Association

Ucluelet resident sounds alarm over ‘environmental disaster’

Central Westcoast Forest Society estimates bridge project at Hyphocus Island could cost $1M.

Senior A Basketball: Maaqtusiis senior teams take on the Island Championships

Senior girls play at Duncan Christian and senior boys at Nanaimo Christian this weekend.

UPDATE: Two killed in fiery collision on Highway 1 near Revelstoke

The Trans Canada Highway was closed for four hours

Father, two children killed after car goes over embankment on B.C. highway

The single vehicle crash occured near Kamloops on Highway 5A

Comox Valley cat rescue organization hit by camera theft

“Someone is taking from an organization trying to help cats who are surviving in the wild.”

Trout ‘doing quite well’ at Kootenay hatchery after otters, who ate 150 fish, relocated

River otters had been pillaging a moat outside the facility for months, gobbling up about 150 trout

VIDEO: Illicit drug overdoses killed 981 in B.C. in 2019, down 38%

Chief coroner says figures were down about a third in the province’s fourth year of the opioid crisis

Trudeau revisits blackface embarrassment during Black History Month

Photos and a video of Trudeau wearing makeup to darken his skin surfaced during last fall’s election campaign

Most Read