Grant Approved for Construction of Affordable Rental Housing
September 12, 2012
Victoria, BC–- The Capital Regional District (CRD) Board today approved the recommendation to award a $816,000 Regional Housing Trust Fund (RHTF) grant to assist the Greater Victoria Housing Society and Greater Victoria Rental Development Society in the construction of new affordable rental housing.
The project will also be funded by a City of Victoria grant of $680,000 from the Victoria Housing Fund, with the remaining funds contributed through the RHTF grant. Canada Mortgage and Housing Corporation and BC Housing Management Commission have provided loans to enable the two societies to develop the design and secure financing. A unique aspect of this project is that the two societies are building five townhouses that will be sold to raise funds for the apartment building. The facility will be located at 35-39 Gorge Road in Victoria and will provide 68 new affordable rental units to families within the $35,000 to $65,000 income range.
“It is important that residents have access to affordable rental housing options,” said Paul Gerrard, Chair of the Regional Housing Trust Fund Commission. “The new facility will provide much needed affordable housing to residents unable to pursue home ownership, and will ultimately help reintroduce families into the community.”
“Part of a liveable and sustainable city is ensuring a wide range of housing options. For our specific community, the continued creation of affordable rental housing is vital,” said Mayor of Victoria Dean Fortin. “The City of Victoria is excited to see this project move forward and to be partners once again with the Greater Victoria Housing Society.”
“We are thankful for the tremendous support received from all partners that will help us realize our vision of creating affordable, high quality homes for low to moderate income residents in this region,” said Kaye Melliship, Executive Director of the Greater Victoria Housing Society. “Our partnership with Greater Victoria Rental Development Society is key to developing innovative projects like this.”
An agreement for the purchase of the Friendly Inn property, on which the new project will be built, has been secured. The total capital cost of this project is $14.3 million. Construction is set to commence this fall.