Minister defends government Housing Hub program after foreclosure
CBC
"That is the only Housing Hub project that had challenges with their financing," Housing Minister Ravi Kahlon told CBC News.
"The project remains viable. If for some reason they don't make their payments, we're going to have a non-profit come in and operate it and everyone living in the building will be able to continue to live at the same rates that were there before."
Kahlon has been on the defensive this week after critics pointed to the high rents listed at one Housing Hub-funded building in Kitsilano as evidence the program has failed to produce enough affordable housing.
Peter Milobar, B.C. United's finance critic, said the projects in Merritt and Kitsilano are just the latest in a long string of embarrassments related to the Housing Hub program, which he's branded the "housing flub."
"Instead of taking action to address the concerns brought forward, they kept approving more and more projects and now what we're finding is a lot of those projects are not actually providing affordable housing," he said.
This is not the first time the Official Opposition has raised problems with the Olympic Villas.
Kahlon promised that the B.C. Builds program, announced by Premier David Eby in February, will improve upon the Housing Hub program.
A signature plank of Eby's housing platform, B.C. Builds will give $2 billion worth of low-interest loans to developers or non-profits with the goal of securing 20 per cent of units below market rent.
However, Kahlon said the program is different because, in many cases, the government provides the land, eliminating a significant cost to developers. However, Milobar said B.C. Builds is just a rebranded Housing Hub program. "The government's answer to all of this is to rename the Housing Hub, put more money into it, and think they're going to get a better result. It's simply nonsensical."
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