Whereas local governments are seeing the need for increased housing affordability for vulnerable residents, students, families, and seniors; And whereas there is a need for building a broad spectrum of housing supply and supports in rapidly growing communities such as in the Lower Mainland region: Therefore be it resolved that the UBCM advocates that the Province and federal government work with not-for-profits to further incentivize not-for-profit partnerships and the building of non-market housing, such as below market rentals and co-ops, through financial tools like low interest rate loans, long-term 25 year rates and expanded tax credit eligibility.
Ministry of Housing and Municipal Affairs To help address the urgent need for more affordable housing in most communities across BC, the Province recently provided local governments with a new inclusionary zoning tool and an improved density bonus tool to secure affordable housing in their communities. Inclusionary zoning allows local governments to require that new residential developments include a component of affordable housing. Density bonus enables local governments to provide the option to a developer to build to a higher density in exchange for providing amenities or affordable housing. The Province also continues to implement the Homes for People Plan and work with partners across the housing sector to increase the supply of affordable rental, co-op, and non-market housing. As part of this plan, the Province has committed more than 3.3 billion through the Community Housing Fund to build over 20,000 affordable rental homes for families and seniors by 203132. In addition, the Province has committed 1.7 billion over ten years to build 3,500 homes on and off reserve through the Indigenous Housing Fund. The Province continues to explore opportunities to expand partnerships with Indigenous Peoples, leaders, and non-profit organizations on non-market housing. BC Builds was launched in February 2024 to bring together governments, First Nations, non-profit housing providers, and home builders to help more households with middle incomes find a home that fits their needs. This initiative leverages public land, low-cost financing, faster provincial and local government approvals, and innovative tools to develop affordable housing in communities across the province. BC Builds has a target of at least 9,000 homes through Provincial Grants and Provincial and Federal Financing. The Province has also taken several measures to support renters in BC Low to moderate income households are now eligible for up to a 400 refundable tax credit. In addition, in 2023, the Province launched the 500 million Rental Protection Fund which provides grants to non-profit housing organizations to buy residential rental buildings and co-ops, protecting thousands of rental units and the tenants who live in them.