B.C. Gives $600K for Housing for Seniors and Veterans
VICTORIA – The Province is providing $600,000 to the Royal Canadian Legion Branches across B.C. to redevelop Legion-owned sites with affordable housing for veterans and low or fixed-income seniors.
“These funds will allow Legion Branches to access financing for development planning and construction,” said Rich Coleman, Minister of Housing and Social Development. “Once a development is complete, the funds are paid back and they can then be accessed for other Legion developments. This will allow Legion Branches to continuously create housing for low-income seniors and veterans across B.C. – now and into the future.”
“This is a very exciting initiative and one that Dominion Command, through the Legion Seniors Housing Centre for Excellence, has been trying to establish on a national basis for three years without success,” said David W. MacDonald, from the Centre for Excellence. “We are very pleased that the Province has agreed to provide equity gap funding for Legion projects in British Columbia. This is a winning initiative for all involved.”
Through this pilot project, the Royal Canadian Legion Branches across B.C. plan to redevelop a number of sites with affordable housing for veterans and seniors. Although the Legion Branches own the land, they may not have the entire 15 to 20 per cent in equity typically required to qualify for project financing. The Province is providing $600,000 as a revolving contribution fund to bridge this funding gap.
"Our mission is to serve veterans and their dependants, promote remembrance and act in the service of Canada and its communities,” said Wilf Edmond, dominion president of the Royal Canadian Legion. “We are accomplishing our mission as Legion Branches work towards building additional affordable housing for veterans and seniors in B.C and thus creating communities where veterans and senior’s housing needs are met.”
The Royal Canadian Legion was formed in 1926 and is the largest veterans’ organization and one of the largest community service organizations in Canada with more than 360,000 members and approximately 1,500 branches in Canada, the United States and Europe.
“Over time, this innovative partnership with the Province will bring many Legion projects across B.C. to the construction stage and will create much needed housing for veterans and seniors,” said Dave Sinclair, President B.C/Yukon Command of the Royal Canadian Legion. “We hope that this revolving funding model will eventually be used in other provinces to help Legion Branches address the need for housing for veterans and seniors across Canada.
“This is an innovative approach to meeting the financial needs of organizations like the Royal Canadian Legion so they can help provide more affordable housing for veterans and senior citizens in British Columbia,” said the Honourable Greg Thompson, Minister of Veterans Affairs. “Our veterans have always been willing to stand up for Canada. We must be there for them, just as they have always been there for us.”
The $250-million Housing Endowment Fund was established in the 2007 provincial budget. The fund generates investment revenue, which is used to fund new ideas and support innovative housing solutions that meet the diverse housing needs of British Columbians.
Increasing affordable housing, reducing homelessness and helping our most vulnerable citizens is a key agenda for the Province of British Columbia.
