Monday, February 02, 2009

Affordable Homeownership Project in Nanaimo

PROVINCE INVESTS IN PILOT PROJECT IN NANAIMO

NANAIMO – The Province has purchased River Run Homes in Nanaimo to invest in a pilot project in affordable homeownership.

“This government is looking at new ways to provide affordable, sustainable housing for British Columbians,” said Ron Cantelon, MLA for Nanaimo-Parksville. “Homelessness is an issue that reaches into all areas of the province, and this project is an important first step for our community as we work towards providing a healthier future for those in greatest need.”

The Province provided a grant through the Housing Endowment Fund (HEF) for the purchase of the River Run Homes property. HEF encourages new ideas and supports innovative housing solutions that address housing needs not adequately served through existing housing programs.

The River Run Homes property is currently zoned for a 50-unit manufactured home site. Various options are being considered for redevelopment of this site for an affordable manufactured home park.

Increasing the supply of affordable housing, reducing homelessness and helping those who cannot help themselves are key elements of the provincial housing strategy. The purchase of this site is part of the Province’s $34 million acquisition of 15 new properties located in 10 communities to provide a range of housing options to help break the cycle of homelessness for people most in need.

The $250-million Housing Endowment Fund was established in the 2007 provincial budget. The fund generates investment revenue, which is used to fund new ideas and support innovative housing solutions that meet the diverse housing needs of British Columbians.

Through the provincial housing strategy, Housing Matters BC, the Province is investing more than $400 million in shelters and affordable housing this year, more than three times as much as in 2001.


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