Burnaby- The Province is going to subsidize the majority of the 162 units at Hillside Gardens in Burnaby to improve housing affordability for families, according to an announcement by Housing and Social development Minister, Rich Coleman.
Budget 2008 increased the amount the province invests in affordable housing and shelter to more than $380 million a year, more than three times as much as in 2001.
The provincially owned development at 7434 Kingsway currently provides market rental housing for residents, many of whom are low-income or new to Canada. Over the next several years, about 100 of the units will be converted to subsidize housing, for which residents who qualify will pay a maximum rent of 30 per cent of their income. Residents not eligible for subsidized housing will continue to pay lower-end-of-market rent.