BC Builds

Overview of the BC Builds program:

BC Builds addresses challenges in the housing market, such as inflation, high land and construction costs, and elevated interest rates, which hinder the development of new rental properties. By partnering with government entities, First Nations, community organizations, non-profits, and private landowners, BC Builds offers low-interest repayable loans and grants to reduce construction expenses and accelerate project timelines. The program focuses on delivering rental housing for middle-income households, including professionals like teachers, nurses, and small business owners, enabling them to find affordable housing within their communities.

Benefits of the BC Builds program:

• Accelerated Development: Projects move from concept to construction within 1218 months, significantly faster than traditional timelines.
• Financial Support: Access to low-cost construction financing and grants to lower development costs.
• Affordable Housing: Aims to provide rental units affordable for middle-income households, with at least 20% of units in certain projects priced below market rates.
• Collaborative Partnerships: Facilitates collaboration between landowners, developers, and housing operators to streamline development processes.

Eligibility criteria of the BC Builds program:

• Eligible applicants include:
• Co-ops or Non-Profit Developers
• Public Housing Corporations
• First Nations Developers
• Private Developers
• Applicants must:
• Be registered and in good standing with the BC Corporate Registry or partner with an organization that is.
• Possess experience in property development and management or engage professional third-party consultants or property management companies.
• Present a financially viable construction and operations plan.
• Meet equity requirements as specified in individual Property Opportunity Notices.