$500M in real estate revenue to subsidize affordable housing

Income from B.C.’s vibrant real estate sector will be used to fund affordable housing projects in the province in partnership with non-profit organizations and community groups, according to Premier Christy Clark.
 
A total of $500 million, which will be coming from record levels of revenue as well as proceeds from B.C. property transfer taxes, has been earmarked for investment in nearly 3,000 rental units, CBC News reported.
 
The September 19 announcement came in the wake of last month’s implementation of a new 15 per cent tax on foreign home buyers.
 
“This is one of the benefits of running one of the strongest economies in the country,” Clark stated. “It's what the economists would call a virtuous circle.”
 
A portion of the rental housing will be comprised of new construction, while others will come from existing structures that the provincial government will buy.
 
“This is another significant step towards helping more people find an affordable place to live,” Clark said.
 
Clark touted the move as the largest investment in housing within a single calendar year by any Canadian province. She added that the tranche would be in addition to a previous $355 million grant for 2,000 affordable housing units.
 
The premier cited a timetable of 36 months for the completion of all projects, with approval expected by March 2017.
 

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