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

Mission poker player missing in Nevada is found alive and safe

Brad Booth went missing in July 13, found in mid September

Last day of summer should be pleasant across the Fraser Valley

With fresh air, some sunshine in the forecast nothing to complain about as fall arrives tomorrow

Abbotsford parents upset as district gets cohort exemption to maximize class sizes at elementary school

Classes and cohorts shuffled after division eliminated at King Traditional elementary school

Young Abbotsford cancer survivor rides 105-km with Terry Fox’s brother

Jacob Bredenhof and Darrell Fox’s cycling trek raises almost $90,000 for cancer research

B.C. families financially affected by pandemic eligible for grocery gift cards

Program open to struggling families in Lower Mainland and Fraser Valley communities

Quirky Canadian comedy ‘Schitt’s Creek’ takes Emmys by storm with comedy sweep

Toronto-raised Daniel Levy and Ottawa-born Annie Murphy both got supporting actor nods

B.C.’s Chase Claypool catches first NFL touchdown pass

Abbotsford grad establishes new record for longest scrimmage TD by a Canadian

B.C. has highest number of active COVID-19 cases per capita, federal data shows

B.C. currently has 1,803 active cases after weeks of COVID-19 spikes in the province

B.C. unveils new cannabis sales programs to help small, Indigenous growers

Government did not say how it will define small producers, but says nurseries will be included in the policy

B.C. transportation minister will not seek re-election

Claire Trevena has held the position since 2017

VIDEO: Shots fired outside Langley gas station that was scene of 2018 homicide

No reports of injuries in Saturday evening incident

B.C. migrant, undocumented workers rally for permanent residency program

Rally is part of the Amnesty for Undocumented Workers Campaign led by the Migrant Workers Centre

Preparations underway for pandemic election in Saskatchewan and maybe B.C.

Administrators in B.C. and around the country are also looking to expand voting by mail during the pandemic

Most Read