Vancouver Friday launched a new $25-million program aimed at supporting future affordable housing projects in the city.
Funded by revenue from the empty homes tax, the Community Housing Incentive Program, will provide housing providers with grants aimed at increasing the affordability of a social or co-op housing project by providing a capital contribution towards construction.
“As well as returning more homes to the rental market, the empty homes tax is providing revenue to fund projects which will create new homes for people who need them in our city,” Mayor Kennedy Stewart said in a press release.
On Friday, more than 20 non-profit and co-op housing organizations met with housing representatives from the City and provincial and federal governments for a workshop to help housing providers understand how the new program can help with funding programs from other levels of government.
“We’re pleased to bring together local non-profit housing and co-op organizations and senior levels of government today – we’re strongest when we work together,” Stewart said in the release.
The program was approved by council in October 2019.