Building New Affordable Housing in BC
The HousingHub is a division within BC Housing, established to seek innovative partnerships with local housing organizations, community land trusts, Indigenous groups, faith-based groups, charities, the development community, financial institutions and other industries to create affordable rental housing and homeownership options for middle-income British Columbians.
As a centre for housing expertise and collaboration, the HousingHub develops affordable housing through new construction, or through the redevelopment of existing sites. The HousingHub further facilities programs that allow prospective homeowners to purchase their own homes and build equity.
The core goal of the HousingHub is to increase the supply of affordable housing for middle-income earners. This is achieved by identifying and advancing innovative approaches to building affordable homes via new construction or redevelopment of existing sites.
The HousingHub is distinct from traditional BC Housing programs in that HousingHub partnerships do not include operating subsidies. By expanding the range or partners we are able to collaborate with, the HousingHub is able to infuse the housing market in British Columbia with affordable homes for both rent and for purchase.
These housing partnerships will benefit people, communities, and partners.
- Middle-income households with an average annual household income under $99,000 per year.
- Developers will receive low-cost financing in exchange for building affordable housing.
- Local governments will benefit through housing that fits the needs of people in their communities. The HousingHub will also work with municipalities to minimize regulatory barriers and expedite the development process - benefiting everyone.
In April 2021, the Province announced that the HousingHub now has access to a dedicated $2 billion in financing to put towards construction of thousands of new homes for middle income families. This additional financing enables BC Housing to work with developers and community groups to take on even more projects, resulting in additional new affordable rental homes being developed and more homeownership options for middle-income households.