Residential Developers & Non-Profit Housing Operators
Overview
BC Builds is a new program that partners with developers and housing operators to speed up delivery of lower cost rental homes for middle-income people in BC.
Together we:
- Find underused land
- Provide financing and funding
- Speed up development timelines
- Build more rental homes
On the Housing Development Opportunities page you can explore BC Builds current opportunities seeking developers and housing operators.
Non-profits
For non-profits that want to submit proposals to own and operate buildings, please team up with a developer/builder (for profit or non-profit) to submit a proposal. BC Builds is not seeking proposals for building operators only. Non-profits are encouraged to attend Housing Development Opportunity info sessions for properties they are interested in owning and operating. This is an opportunity to share in the info session that as a non-profit, you’re looking to partner with a developer/builder.
Developers and non-profits interested in participating in BC Builds can also subscribe to be notified when new Housing Development Opportunities become available.
Program details
BC Builds is a rental housing program for middle income households. These are households earning a range of $84,780 and $131,950 per year for couples with no children for a studio or one-bedroom apartment and $134,410 to $191,910 per year for couples with children, needing a two or larger bedroom home. The aim of the program is to provide housing for households within these ranges. To help achieve this goal BC Builds can provide:
- Low-cost repayable construction loans for buildings owned and operated by for-profit and non-profit developers
- Direct access to CMHC financing
- Low-cost take-out financing
- Grants for buildings owned and operated by co-operative or non-profit developers and First Nations controlled development corporations, to achieve at least 20% of the units at 20% below market rents
Please refer to the BC Builds Rental Supply Program Framework for full program details before submitting your Housing Development Opportunities proposal.
How to apply for a Housing Development Opportunity
- Review detailed property information, criteria and deadlines in the Property Opportunity Notices.
- Attend an optional Property Information Session about a specific Housing Development Opportunity. Please see the property listings on the Housing Development Opportunities page for times and dates. Contact BC Builds info [at] bcbuildshomes.ca (info[at]bcbuildshomes[dot]ca) if you have any questions about a Property Opportunity Notice. Please do not contact landowners directly.
- Review the BC Builds Rental Supply Framework.
- Applicants can present their submission in the form and format of their choice, with the option of using this Capital and Operating Budget Template.
- Proposals must be sent to info [at] bcbuildshomes.ca (info[at]bcbuildshomes[dot]ca) on or before the due date listed in the Property Opportunity Notice.
Note: Detailed information on eligibility and full evaluation criteria and scoring can be found in the individual Property Opportunity Notices found on the Housing Development Opportunities page.
You can apply for a BC Builds Housing Development Opportunity if you’re a:
- co-op or non-profit developer
- public housing corporation
- First Nations developer
- private developer
Please note:
- Some landowners are seeking a developer and a building owner/operator. Others are looking to secure just a developer/builder. Please read each Property Opportunity Notice for details.
- Private developers/builders may partner with non-profits and co-ops. Private developers may also submit their own proposals to develop, build, own and operate housing unless otherwise specified in the Property Opportunity Notice.
You must:
- Be registered and in good standing with the BC Corporate Registry or partner with a business or organization that is.
- Have previous property development and property management experience or engage professional third-party consultants or property management company.
- Have a plan for construction and operations that’s financially viable.
- Meet equity requirements.
- Successful projects must break ground within 12 -18 months (depending on the complexity of the project) from the signing of a Conditional Land Contribution letter following the selection of a successful proponent (see process diagram below).
- The land must be used to create new housing for middle income families as defined in the BC Builds Rental Supply Program Framework.
- Eligible projects must be primarily residential but can include ground floor commercial and/or community uses and/or childcare as long as the non-residential portion of the building is not more than 30% of the total building area and no more than 30% of the total capital cost.
Land will be leased at nominal ($1.00) value by the landowner to the successful applicant on 60- to 99-year basis or disposed of at nominal value. Please see individual Property Opportunity Notices for details.
Rates for interim construction financing 2024 5.50% 2025 3.65% 2026 3.30% 2027 3.30% 2028 3.30% Rates for take-out financing 2024 4.69% 2025 4.56% 2026 4.52% 2027 4.52% 2028 4.52% - Take out financing is for a 35-year amortization and is available to non-profits, co-ops and public housing corporations
Depending on the number of applications received, it will take several weeks for BC Builds and the landowner to review proposals and select a successful applicant.
There is no cost to apply.
Housing Development Opportunities Process Overview
