Construction has begun for 51 new affordable homes for low to moderate income families in the Central Saanich area.
As part of the Regional Housing First Program (RHFP) the five-storey multi-unit residential building with a shared underground parkade will be located at 1909 Prosser Road.
This will also be next to a 39-unit supportive housing project which is currently under development in Central Saanich.
The Prosser Road affordable housing development will include studios as well as 1-and 2-bedroom apartments.
41 units will be rented at affordable rates for people with moderate to low incomes, while the remaining 10 units will rent at the provincial income assistance rate of $375/month as a result of the RHFP equity contribution of $3 million.
It will be operated by the Capital Region Housing Corporation (CRHC).
The total project cost is estimated at $17 million, including the $3 million RHFP equity purchase, a $3.25 million Investment in Housing Innovation grant from BC Housing and $615,000 in grant funding from the Regional Housing Trust Fund.
Construction is underway with building completion expected by spring 2022.
“51 families and individuals will enjoy safe, affordable, high quality homes thanks to the community leaders who have worked together with BC Housing and the provincial government to help deliver this project,” said David Eby, Attorney General and Minister Responsible for Housing.
“This project is a great example of how that kind of leadership from local governments and non-profit partners can change lives and build community.”