Victoria and Ottawa will commit to investing an additional $300 million over five years as part of an extension to the Investment in Affordable Housing (IAH) agreement.
Originally announced in 2011, the IAH, which is jointly funded by the provincial and federal governments, is to be used by provinces and territories to increase housing options, improve affordability, preserve quality and generate new housing developments and renovations.
The agreement was originally a three-year commitment between the federal government and the provinces and territories to provide $1.4 billion.
"Our government remains committed to smart investments in housing to create better economic outcomes for the Canadian families who benefit from these programs," said Minister of State for social development Candice Bergen. "By partnering with the provinces and territories we want to ensure that this investment improves the quality of life of low-income Canadians and creates needed jobs and opportunities for apprentices."
B.C. and the federal government will each contribute $150 million until 2019 as part of the $300 million extension. They contributed $9 million each to the program from 2011 to 2014.
The federal government will acquire its funding from the Economic Action Plan 2013, which is also committed to creating opportunities for apprentices and supporting training for skilled labour in residential housing.
The B.C. government says it will put half of their $150 million toward supporting and improving existing programs and another half into new construction and development.
The IAH has funded several programs since 2011, including $15 million to Home Adaptations of Independence and $155 million to the Federal-Provincial Housing Initiative.
According to a press release, the IAH has assisted more than 177,500 households across Canada including over 2,000 in B.C.
The original agreement expires on March 31. The extension agreement will come into effect on April 1.
Vancouver has struggled to provide affordable housing, and Mayor Gregor Robertson has criticized the federal government for not providing enough federal funding.
"The extension of this agreement will help us to create more housing options for British Columbians," said Rich Coleman, B.C.'s deputy premier and minister responsible for housing.
