The federal government announced today it will be loaning $100 million to the developers of the Hudson Place 2 project in downtown Victoria to provide over 200 affordable rental homes.
Ahmed Hussen, Minister of Families, Children and Social Development, announced the development on March 30th.
The affordable housing development, located at 1700 Blanshard Street, will feature 245 multi-residential units ranging from studios to 2 bedroom + den units.
This is part of the Rental Construction Financing initiative, a National Housing Strategy (NHS) program delivered by Canada Mortgage and Housing Corporation (CMHC).
“Over the past year – and despite the COVID-19 pandemic – the City’s Housing Strategy has made significant strides in achieving housing goals and targets, however more work is still needed to improve access to housing for people across our city,” Mayor Lisa Helps said in a statement.
“In Victoria, three out of five residents rent their home. Which is why developments like the Hudson Place 2 are vitally important to building a community for everyone. I would like to thank Townline for their commitment and for digging in and responding to the needs of accessible, affordable rental homes in downtown Victoria, in addition to working to minimize the greenhouse gas emissions of their project,” said Helps.
“Our entire region has been facing a housing crunch for a long time and it requires work and investment across all levels of government to bring forward solutions. ”
Hudson Place 2 is the last phase of a master plan community by Townline Homes, dubbed “The Hudson District”, which will comprise a total of 6 buildings and over 950 residential units.
227 of the 245 units will have rents 30% below the median household income. This affordability will be maintained for a minimum of 16 years
49 of those 227 units will be deeply affordable, which is 70 per cent below the median household income in the Victoria region.
Last Wednesday, several major housing projects were announced for southern Vancouver Island.
The federal government, alongside the BC Government and the Capital Regional District announced details of new developments in the region, which would create up to 91 new affordable homes in Greater Victoria.
In addition to that announcement, the BC Government, in partnership with the City of Victoria, announced it is moving forward with four new supportive housing projects that will deliver up to 192 permanent homes with 24/7 support for people experiencing homelessness.
