VICTORIA, BC, Aug. 15, 2024 /CNW/ - The federal government has transferred more than $156 million to British Columbia under the Canada Community-Building Fund (CCBF) for the first payment of the 2024-2025 fiscal year. This will help communities across the province invest in their local infrastructure priorities.

This is the first of two payments to British Columbia for this fiscal year. The next payment is expected to be made prior to the end of the fiscal year.

This is the first transfer through the recently renewed CCBF agreement with the province. This agreement runs from 2024-2034, and under it British Columbia will receive more than $1.6 billion over the next five years, including $313 million this fiscal year.

CCBF provides communities with predictable and flexible funding across 19 different project categories, including drinking water, wastewater, public transit, and community energy systems, and helps them develop the required infrastructure for future housing developments.

Quotes

"Investments in infrastructure are essential in building more affordable, inclusive, and stronger communities for all Canadians. With this payment through the Canada Community-Building Fund, communities in British Columbia will be able to invest in infrastructure projects that meet the needs of their residents today, and ones that support more housing supply for the future."

The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"People living throughout our province need safe and accessible infrastructure so their communities can grow and thrive. The Canada Community-Building Fund helps provide the transportation routes, energy systems, water treatment facilities, emergency services and other amenities that support strong, vibrant communities."

The Honourable Anne Kang, Minister of Municipal Affairs

"The predictable, reliable funding provided by the CCBF enables local governments in BC to invest in the infrastructure needed to service growing communities, strengthen climate resiliency, and ensure long-term viability of local assets. Local governments are grateful to have this essential program rolling out for another decade."

Trish Mandewo, President of the Union of British Columbia Municipalities

Quick facts

• The federal government is renewing the Canada Community-Building Fund (CCBF) and is investing $26.7 billion over the next ten years (2024-2034) to support core infrastructure projects.
• The federal government has transferred $156,524,277.50 for the first payment of the 2024-2025 fiscal year to the Union of British Columbia Municipalities, who administers the CCBF in British Columbia.
• British Columbia will receive more than $1.6 billion from the CCBF over the next five years, including $313 million for the 2024-2025 fiscal year.
• After the first five years, funding levels will be reassessed to reflect the 2026 Census.
• Since 2015, the Government of Canada has invested $24.2 billion across Canada through CCBF, including $3.1 billion in British Columbia communities.
• The CCBF is a permanent, indexed source of funding provided up front, twice a year, to provinces and territories, who in turn flow this funding to local governments and other entities to support local infrastructure priorities.

Associated links

The Canada Community-Building Fund

Canada Community-Building Fund in British Columbia

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SOURCE Department of Housing, Infrastructure and Communities