The B.C. government will invest up to $11 million to create 93 new affordable apartments in Prince George.

The Province purchased Victoria Towers, at 1245 - 20th Avenue, for $7.8 million, well below the originally listed sale price of $9.6 million. An additional $3.2 million has been allocated for renovations and improvements. With a mix of bachelor, one-bedroom and two-bedroom apartments, it is anticipated the prospective tenants will be a mix of low-income individuals and families.

It is estimated that the renovations will be completed by the end of March 2013, with tenants beginning to move in shortly thereafter.

Victoria Towers is part of the $207 million in new capital investment announced by Premier Christy Clark at the Union of B.C. Municipalities convention in Victoria. While these are new projects, this capital investment is not new money. It is money the government saved from the capital plan, through fiscal prudence.

Quotes:

Shirley Bond, MLA for Prince George-Valemount -

"Everyone wants to have an affordable place to call home. Sometimes that can be difficult to do. This purchase will add 93 new affordable apartments ensuring safe and affordable housing options for families and individuals who need them most."

Pat Bell, MLA for Prince George-Mackenzie -

"Prince George is growing as a main economic hub in the northern region, so creating more affordable housing is vital to the well-being of our community as part of a more prosperous future. Buying this apartment building complements other housing investments we've made in Prince George over the years, and it will give people secure homes as they plan for their future."

Quick Facts:

• In 2011-12, the B.C. government invested over $11 million to provide subsidized housing and rent supplements for more than 1,700 households in Prince George.

• Some examples of recent provincial housing investments in the Prince George area include:

• More than 65 affordable seniors' housing units at Elizabeth Fry Place and Hart Haven.
• Friendship Lodge, a 30-unit supportive housing development for people who are homeless or at risk of homelessness.
• The purchase and renovation of the Astoria Hotel, now Tse'Koo Huba Yoh, with 17 units of supportive housing for women.
• Baldy Hughes Addiction Treatment Centre and Therapeutic Community, a residential program for men.

• Since 2001, the B.C. government has invested $3.2 billion to provide affordable housing for low-income individuals, seniors and families. This year, more than 97,000 B.C. households will benefit from provincial housing programs and services.

Learn More:

To learn more about provincial housing programs and services, visit: www.bchousing.org

Contact:

Seumas Gordon
BC Housing
604 439-4789
604 417-5791