Trudeau announces $2B in fed loans for BC Builds program

Ottawa is kicking in an extra $2 billion in financing for the recently announced BC Builds program, Prime Minister Justin Trudeau said Tuesday.

Ottawa is kicking in an extra $2 billion in financing for the recently announced BC Builds program, Prime Minister Justin Trudeau said Tuesday.

Last week, B.C. Premier David Eby launched the initiative, which aims to build middle-class rental homes on public, non-profit, community-owned and “underused” land. The provincial government is also providing $2 billion in construction financing, and a $950 million investment for the project.

The federal money comes in the form of low-cost loans through the apartment construction loan program, and will help build “a minimum” of 8,000 to 10,000 additional units over the next few years, the prime minister said.

More to come.