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

Just Posted

Sylvan Lake man appears in court for death of his wife

Satnam Singh Sandhu appeared in Red Deer Provincial Court Wednesday morning

Sylvan Lake man charged with wife’s murder

Satnam Singh Sandhu, 41, will appear in Red Deer Provincial Court on Sept. 18

Sylvan Lake Minor Football teams put up a collective 223-point shutout

The Lakers, Lions and Bears all had shutout games over the weekend

Sylvan Lake Terry Fox Run sees largest turnout ever

The annual run took a new course, starting at Lighthouse Park, going along Lakeshore to Jarvis Bay

VIDEO: Trudeau asks Canada to look to current, not past, actions on race

Liberal leader says he never spoke about the racist photo because he was embarrassed

Red Deer Rebels fall to Edmonton in home opener 4-2

Red Deer will play the second of a home and home on Sunday

Handgun crackdown, health spending and transit plans latest campaign promises

Friday was the end of a busy week on the campaign trail

Expert says acquittal of Alberta parents in boy’s death unlikely to set precedent

The Stephans testified they thought their son had croup and used herbal remedies to treat him

Air Canada forced girl, 12, to remove hijab: civil rights group

The San Francisco Bay Area office of the Council on American-Islamic Relations calling for change

Man from Winnipeg who was hiking alone found dead in Banff National Park

RCMP say the man was hiking alone on Mount Temple Thursday

Singh campaigns in Toronto, May in Winnipeg, as Liberal and Tory leaders pause

All parties expected to be back on the campaign trail Sunday

Possible Canadian cases of vaping illnesses being investigated: health officer

‘I think that will be really important to address the overall trend of youth vaping’

Area 51 events mostly peaceful; thousands in Nevada desert

Three more people were arrested Friday on the remote once-secret military base

Most Read