The B.C. government is strengthening the non-profit housing sector by transferring provincially-owned properties to non-profit housing providers.

The Province owns approximately 350 parcels of land throughout British Columbia that are currently leased long-term to non-profit housing providers who own and operate social housing buildings on these properties.

The non-profit housing sector has been asking for this step for many years. Having ownership of the land will improve a non-profit's ability to support better long-term planning and self-sufficiency. Owning the lands they operate on will also help non-profits secure the financing they need to be sustainable.

In order to transfer title, the Province will end these leases, and then transfer ownership of the land to the societies. The properties will be transferred at fair market value. The Province will assist the societies to secure mortgages on the properties. The current operating agreement that BC Housing has with each non-profit society will remain in place. Approximately 115 properties will be transferred by March 31, 2015, and the rest will be transferred over the next three years.

In addition, the Province is looking to transfer ownership of two properties currently managed by BC Housing to non-profit societies. The Province will begin the process by posting Expressions of Interest for Nicholson Tower and Stamps Place in Vancouver shortly.

Tenants will not be impacted by these transfers, and the amount of affordable housing stock will remain stable. Non-profit societies have been providing social housing in B.C. for more than 60 years. Today more than 90% of social housing is managed by non-profit societies.

Learn More:

BC Housing's Asset Transfer Program: www.bchousing.org/Initiatives/Housing_Matters/Asset_Transfer_Program

To learn more about provincial the provincial housing strategy, Housing Matters BC and social housing visit: www.bchousing.org

Media Contact:

Fergus McCann
BC Housing
778 452-6445