A great announcement for affordable housing in Prince George today.

The BC Government has announced that they have purchased the Victoria Towers for 7.8 million dollars, and will be putting in 3.2 million dollars worth of renovations.

Prince George-Valemount MLA Shirley Bond says it was a cost-effective way to get more affordable housing in the city.

"There continues to be need for affordable housing, and we're also under cost-restraint. We have to make sure we can afford this. So the money that is being provided for the purchase of the Victoria Towers is actually coming out of government savings. So the idea was to buy the building and renovate it in a far more cost-effective way than we could build new stocks."

Bond says the apartment building is going to be renovated and will be open for tenants in March of 2013, offering 93 apartments.

In November of last year a devastating fire engulfed the building, forcing all tenants to find another place to live.

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