The CRD is investing $90-million to build more affordable housing

More than two thousand units of affordable housing are being created in Victoria’s Capital Region District thanks to a $90-million partnership between the Canada Mortgage and Housing Corporation (CMHC), the CRD, and BC Housing.

Each organization is investing $30 million as part of the partnership, which will fund the construction of 1,000 affordable units and 400 shelter-rate units.

Thanks to a mixed-market approach, shelter-rate units will be rented for only $375 per month without any ongoing subsidies. Those units will act as down payment to initiate each project, with the revenue from affordable rental units and market rental units to cover operating and maintenance costs.

“The CRD is thrilled that both the Province and now the Government of Canada have joined in this important effort to significantly impact homelessness in the region and allow us to deliver more critical housing units,” Steve Price, board chair of the CRD, said in a statement on Thursday, May 10th.

“I am delighted to stand with our Provincial and Federal partners as we see the benefits of working together and the outcome that can happen from that collaboration.”

Investment is part of National Housing Strategy

The National Housing Strategy (NHS), introduced earlier this year, is providing $208.3 million over five years for projects that showcase new funding models and innovative building techniques.

“In Canada’s first-ever National Housing Strategy, our government made a commitment to reduce chronic homeless across the country by 50%, and to work with partners at all levels to give more Canadians a place to call home,” said Jean-Yves Duclos, minister of families, children and social development.

Ducos said that yesterday’s announcement shows those two pillars of the strategy in action.

The announcement also marked the opening of Siem Lelum, a 41-unit affordable rental housing development for Indigenous people who are at risk of becoming homeless in Victoria.