Right now, there are so many empty homes in Vancouver being taxed that the money is helping build over 250 new ones.
In a news release on Wednesday, July 8, the City of Vancouver announced they're funnelling $8,710,000 to help build affordable housing.
The grants will go towards the construction of 269 units of social housing...
City Of Vancouver
The money is being split between four different organizations, including the Salvation Army, to help fund their affordable social housing projects.
This is the first grant from Vancouver's $25 million Community Housing Incentive Program, which is funded by the empty homes tax and the city's capital budget.
Stewart said these grants could attract even more funding from other groups for building affordable homes.