Premier Gordon Campbell's announcement that the provincial government will provide $205 million toward construction of eight more social housing buildings in Vancouver was big news.

Funding for the eight buildings is in addition to six the government announced in March 2009. Total cost to construct the 14 buildings, which includes $20 million from the Streetohome Foundation, is $333 million.

So where's the government's money coming from?

According to Housing Minister Rich Coleman, a "major source" of the funding to construct the 14 buildings will come from the "sale and redevelopment" of the Little Mountain public housing project.

Coleman's statement was contained in a press release issued Tuesday after Campbell announced the funding for the social housing sites.

Vision Vancouver Coun. Kerry Jang said Coleman's comments confirm to him that money has exchanged hands between the government and Holborn Properties, the developer selected in May 2008 to redevelop the 15-acre site next to Queen Elizabeth Park.

"As far as I understand, it's been sold," said Jang of the property. "So the province did receive money for the land but I don't know what that amount is. The city has never known what that amount is. We've asked, but we've never been given an answer."

Neither COPE Coun. Ellen Woodsworth nor NPA Coun. Suzanne Anton said they were privy to any information related to a land deal between Holborn and the government.

"I would assume if Coleman is saying he's using the money from the sale of the land, then I guess it was sold," Woodsworth said. "But I never heard any details about what the amount was and when it had taken place."

Woodsworth pointed out any proceeds from the redevelopment of Little Mountain are at least three years away, since the project is still in the planning stages.

Neither Coleman nor Holborn Properties returned messages left by the Courier Wednesday to discuss the sale of the land or how much money is directly funding the 14 sites.

Former Vision councillor Jim Green, who is organizing community forums for Holborn on the Little Mountain redevelopment, confirmed the land was sold but didn't have details.

"The sale price is confidential, so even though I work for Holborn, I have no idea what that price was," Green said.

In June 2007, the city signed a memorandum of understanding with the government regarding the redevelopment of Little Mountain. The memorandum says the government will invest all of the net proceeds from the sale of the site into the development of social housing throughout B.C.

Half the proceeds are to be invested in the city, according to the memorandum, which doesn't provide dollar values for the land or estimates on returns from the sale.

Before most of it was demolished last fall, the 1954-era Little Mountain complex had 224 units of social housing. The redevelopment calls for the 224 units to be replaced as part of a larger development.

The scale of the mixed-use project has not been finalized, with more community forums expected next month to determine the shape, size and height of the complex.

The L-shaped parcel of land is located between Main and Ontario streets and occupies the property from 33rd to 37th avenues.

mhowell@vancourier.com