B.C.’s Auditor General says the ministry responsible for BC Housing hasn’t done due diligence.
Under the Non-Profit Asset Transfer program, the Ministry Responsible for Housing and BC Housing is selling some social housing properties to non-profit housing societies to own and operate.
The sales will generate 500 million in funding for the province but the program will cost taxpayers more than a billion dollars, once inflation is taken into account, over the next 35 years.
Carol Bellringer says that’s because BC Housing agreed to pay 30 million dollars a year to the non-profits to help cover their mortgages but the buildings are going to need maintenance….
Bellringer says it appears the government entered into the program without considering the costs, benefits and risks.