HousingHub creates affordable rental and homeownership opportunities for middle-income British Columbians.
In 2018, the Province of British Columbia created the HousingHub to increase the supply of affordable housing for middle-income earners—many of whom have been priced out of the housing market. The goal of this new office is to identify and advance innovative approaches to create affordable homes—both for rent and for purchase—in the communities that need them most.
The HousingHub will develop homes for households with average incomes between $50,000-$100,000, depending on the community. This will mean that hard-working British Columbians like first responders, business people, teachers, healthcare workers, and others have access to housing in the cities they serve.
In addition, the HousingHub will establish a program that will allow prospective homeowners to purchase homes and build equity.
How partnerships work
This HousingHub office will work with non-profits and private developers, faith groups, property owners, and federal and local governments, to locate, use, or repurpose, land in communities where affordability is an issue. Provincial land will also be designated for some projects.
- Low-cost financing
- Access to land
- No or low-capital equity
These housing partnerships will benefit people, communities, and partners. Middle-income households will be able to live in affordable homes. Supply will increase in the high-demand areas that need it most, and all housing will be built according to high-energy efficiency standards, which will improve quality of life for residents and lower operating costs.
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.
For more information on the HousingHub, view the following documents: