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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

30 C temperatures forecast all weekend in Nanaimo

Environment Canada suggests precautions for hot summer days

Nanaimo-Ladysmith navigating back-to-school uncertainty

Start of school initially set for Sept. 8 pushed back to Sept. 10

Federal Green leadership hopeful brings eco-socialist campaign to Nanaimo

Dimitri Lascaris one of nine candidates running for party leader

Garbage truck knocks down lamp post onto pickup in north Nanaimo

Emergency crews respond to Dickinson Crossing plaza mall Friday afternoon

Woman reunited with wedding ring she lost in Nanaimo

Qualicum Beach woman ‘over the moon’ after getting ring back, say RCMP

Artists adding finishing touches to new downtown Nanaimo murals

Three outdoor art works commissioned by Hub City Walls festival to be completed by Saturday

Unofficial holidays: here’s what people are celebrating for the week of Aug. 16 to 22

World Photography Day, Black Cat Appreciation Day and Rum Day all coming up this week

Regional District of Nanaimo exploring mountain biking as an economic driver

Nanaimo Hospitality Association executive says coordinated trail network could lead to job creation

Protesters showcase massive old yellow cedar as Port Renfrew area forest blockade continues

9.5-foot-wide yellow cedar measured by Ancient Forest Alliance campaigners in Fairy Creek watershed

Two motorcycles crash on Nanaimo’s Terminal Avenue, one rider injured

Collision happened at 9 a.m. Thursday near Cypress Street intersection

Beefs & Bouquets, Aug. 12

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail editor@nanaimobulletin.com

Captain Horvat’s OT marker lifts Canucks to 4-3 win over Blues

Vancouver takes 2-0 lead in best-of-7 NHL playoff series with St. Louis

Most Read