Whereas to expand the supply of community and affordable housing, experts tasked with delivering the final report of the Canada-British Columbia Expert Panel on the Future of Housing Supply and Affordability recommend that: The federal and provincial governments independently or jointly create an acquisition fund to enable non-profit housing organizations to acquire currently affordable housing properties at risk of being repriced or redeveloped into more expensive units. Conditions should be attached to this funding that will prevent forced displacement of existing tenants when a building is acquired. The BC government should exempt non-profit organizations from the property transfer tax for building acquisitions that will be used to provide affordable housing: Therefore be it resolved that UBCM advocate that the provincial government support the recommendation of the Canada-British Columbia Expert Panel on the Future of Housing Supply and Affordability, to develop a provincial acquisition strategy and grant program that would allow non-profit housing providers to purchase and repair aging rental stock for the purposes of maintaining existing affordable housing.
Ministry of Housing Government has reviewed the work by the FederalProvincial Government Expert Panel on the Future of Housing Supply and Affordability and acknowledges the report as an important step in the Provinces efforts to expand housing supply and improve affordability. The Panels recommendation to preserve affordable housing is being reviewed by government.