The extreme weather events British Columbians experienced in recent years have highlighted the need to future-proof affordable homes to protect those who are most at risk.
In an expensive rental market, publicly supported affordable housing offers much needed homes for the most vulnerable in BC. However, the province’s non-profit housing stock requires major re-investment to address an estimated maintenance deficit of $1.25 billion over ten years.* While daunting, this maintenance backlog also offers opportunity to renovate right and get on pathway to net-zero.
Vancity’s Non-Profit Housing Retrofit Program supports climate-ready affordable housing. The program, which is available to hundreds of non-profit housing providers across BC, aims to improve energy efficiency, reduce carbon emissions, and boost the overall sustainability of the province’s affordable housing stock.
Non-profit housing providers (that are also Vancity members) are eligible to apply for grants up to $80,000 to fund foundational work such as energy studies and portfolio planning. With this research in hand, housing providers will be better able to identify opportunities for deep retrofits that significantly reduce greenhouse gas emissions.
The second phase of the program will help finance project implementation and expand to include co-operative housing providers.
Vancity has funded strategic partnerships with the BC Non-Profit Housing Association (BCNPHA) and the Aboriginal Housing Management Association (AHMA) to roll out the Non-Profit Housing Retrofit Program. In addition, the credit union is supporting Affine Climate Solutions to consult with selected program participants to develop climate-aligned portfolio plans.
Vancity’s ambition is to become net-zero by 2040 across all its mortgages and loans. This program will help many non-profit affordable housing providers convert their properties to low-carbon heating and cooling solutions, setting them on the pathway to a clean and fair future.
* Up to 2027, the decade following the 2017 publication of the BC Affordable Housing Plan.
When your money is changing the world, you are changing the world.Join Vancity