VICTORIA - The Governments of Canada and British Columbia are committing an additional investment of more than $300 million over five years, to help more individuals and families in housing need access affordable housing. The joint funding will be delivered through an extension to the Investment in Affordable Housing (IAH) agreement.
"Our Government remains committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs," said the Honourable Candice Bergen, federal Minister of State for Social Development. "By partnering with the provinces and territories we want to ensure that this investment improves the quality of life of low-income Canadians, and creates needed jobs and opportunities for apprentices."
"The extension of this agreement will help us to create more housing options for British Columbians," said Rich Coleman, B.C.'s Deputy Premier and Minister Responsible for Housing. "Over the next five years, this funding will help build new affordable housing, enhance our rental assistance programs and support partnerships that will contribute to stronger, more sustainable communities."
The federal portion of this funding comes from Economic Action Plan 2013, which announced the Government of Canada's commitment to investing more than $1.25 billion nationally over five years to extend the Investment in Affordable Housing and to creating opportunities for apprentices, which will support the training of skilled labour in residential housing. Governments will report annually to the public regarding the investments and progress toward achieving the intended outcomes of the IAH.
The Province of B.C. and the federal government will each contribute $150 million under the IAH extension agreement (April 1, 2014, to March 31, 2019). The Province of British Columbia will commit the joint annual funding as follows:
Since 2001, the Government of B.C. has invested $3.6 billion to provide affordable housing for low-income individuals, seniors and families. This year, more than 98,000 B.C. households will benefit from provincial social housing programs and services.
To find out more about affordable housing in British Columbia, visit: www.bchousing.org
Since 2006, the Government of Canada has invested more than $16.5 billion in housing. For B.C., this represents an investment of some $1.8 billion. By working with its partners, the federal government has helped some 880,000 Canadians individuals and families including low-income seniors, persons with disabilities, recent immigrants and Aboriginal people.
To find out more about how the Government of Canada, through CMHC, is working to build stronger homes and communities for all Canadians, call CMHC at 1 800 668-2642 or visit: www.cmhc.ca/affordablehousing
For more information on Canada's Economic Action Plan, call 1 800-O Canada or visit:www.actionplan.gc.ca
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