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Originally Posted by whatnext
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If you click on the link in the story you found, it tells you that the land is owned by the City of Burnaby in five of the 6 projects receiving grants. Progressive Housing Society owns the other site. Where there are grants rather than loans, the Province is basically making up the shortfall in funding from Federal construction loans or other construction funding, "to address cost pressures to ensure the project remains affordable".
Neither the Feds or the Province are buying land at market value in any of the Burnaby examples. They're directly comparible to any of the '14 sites' or the recent 3 former Concord sites 'sold' to the City of Vancouver, with construction funding and in some cases grants coming from CMHC loans and BC Housing or the Building BC: Community Housing Fund. They're all complex projects, multi-funded by municipal, Provincial, Federal, and in some cases non-profit or private (CAC) funding.
None of the projects in Burnaby or Vancouver involve the Province or Feds buying a site at market value, funding the construction and then leasing the units, which is what you suggested should happen at 105 Keefer.