Prices and home sales in the West Shore generally saw a slight annual uptick according to VREB’s latest report. (File photo)

Feds’ latest investment aims to boost affordable housing across Canada

Corporation to create and offer bonds in capital markets at long-term fixed interest rates

The federal government is investing in what it calls an innovative financing model that it says will help generate funds for affordable housing projects.

A government news release says the new lending institution, HPC Housing Investment Corporation, will provide funds to investors by creating and offering bonds in capital markets at long-term fixed interest rates.

Fisheries Minister Jonathan Wilkinson made the announcement in Vancouver saying the corporation will have the ability to take a relatively small investment and maximize it.

An investment of $20 million from the Affordable Housing Innovation Fund is being used to complete the first round of financing that the release says is valued at approximately $33.1 million for two separate projects in B.C. and Alberta.

The developments, one in Vancouver’s former Olympic Village and the other in north-central Edmonton, will offer a total of 271 units to low- and middle-income tenants, while 10 of the homes in Vancouver will be provided at shelter rates.

Shayne Ramsay, the chair and president of HPC Housing Investment Corporation, says the new approach offers more financing options for affordable housing providers.

“Regardless of size or funding need, (the corporation) provides the financial expertise and underwriting required to bridge the gap between housing providers and debt investors,” Ramsay says in the release.

Ottawa says its initial $20 million commitment will create a $400 million pool of funding for projects across the country.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Local Liberal MP Jati Sidhu says he forgives Trudeau for brownface photos

Sidhu says Trudeau ‘didn’t know any better’ and that photos will prompt discussion

Blowback from the Trudeau in brownface debacle reaches Chilliwack

PM in questionable photos released in the middle of the federal election campaign had ripple effects

Local Liberal candidate says ad showing him with Abbotsford police officer was ‘not acceptable’

Jati Sidhu said advertisement only appeared for 30 minutes and was created by Montreal company

Prospera and Westminster credit unions approved for proposed merger

Abbotsford- and Surrey-based companies now take matter to membership vote

Pay raise hike closer to reality for Fraser Cascade trustees

Remuneration will more than double if change adopted

PHOTOS: Young protesters in B.C. and beyond demand climate change action

Many demonstaers were kids and teens who skipped school to take part

Resident finds loaded shotgun inside a duffle bag in Kelowna alleyway

RCMP seized a loaded 12-gauge shotgun, ammunition, clothing and other items

Canada continues to win at world indoor lacrosse championships in B.C.

Results of the action from day two of the 2019 World Lacrosse Men’s Indoor World Championship

Vancouver Giants win first game of regular season

Road trip off to a good start with Prince George victory

Graffiti, calls and Snapchat: RCMP probe string of threats targeting Kamloops schools

There have been nine different threats made to four different schools in the city

Oak Bay father’s testimony at murder trial like plot of ‘bad low-budget movie:’ Crown

Crown alleged Andrew Berry’s ‘entire story of Christmas Day is a lie’

B.C. truck drivers to face higher fines for not using winter tire chains

As of Oct. 1, not using chains on the highway when required could net you a $598 ticket

Singh campaigns in Toronto, May in Winnipeg, as Liberal and Tory leaders pause

All parties expected to be back on the campaign trail Sunday

Possible Canadian cases of vaping illnesses being investigated: health officer

‘I think that will be really important to address the overall trend of youth vaping’

Most Read