British Columbia Partnership for Social Housing Renovations
Tags: affordable housing, capital infrastructure, economic action, Economy, federal government, government of british columbia, government of canada, housing developments, infrastructure program, public infrastructure, recession, renovation, renovations, single room occupancy, social housing
The Government of Canada and Government of British Columbia have announced on October 14th 101 renovation and retrofit projects totalling $177 million. This is cost shared under the Housing Renovation Partnership, a jointly funded program to renovate and retrofit social housing over the next two years; this will be creating an estimated 1,130 jobs.
Federal funding for this initiative was made available through Canada’s Economic Action Plan. The federal government plans to stimulate the economy and create jobs during the recession, it was matched by British Columbia through the province’s capital infrastructure program.
Approximately $164 million from the Housing Renovation Partnership funding will be directed toward repairs at 81 social housing developments. The remainder of approximately $13 million is being allocated to renovations that are underway at provincially owned Single Room Occupancy (SRO) hotels.
In British Columbia, the Housing Renovation Partnership is part of an overall $14 billion capital infrastructure program supported by the Province. It will be creating up to 88,000 jobs and help build vital public infrastructure in every region of the province.
Canada’s Economic Action Plan builds on the commitment the Government of Canada made in 2008 of more than $1.9 billion over the next five years to improve and build new affordable housing and help the homeless.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
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