The Homeless Prevention Program will help youth just leaving foster care, women who have experienced or who are at risk of violence, people just leaving hospitals or prisons, as well as aboriginals.
Monthly supplements will be put towards housing costs, and the province will contribute other support services to help people maintain their tenancies.
The program will start in six B.C. communities and will grow to include more than 30.
It's estimated the funding and support will be able to help up to 4,000 people.
Rich Coleman, the minister in charge of housing, says the supplements offer a more flexible option for people who can choose where to live based on their needs.