Victoria’s Capital Region Housing Corporation (CRHC) approved its budget for the coming year which means they will be developing more affordable homes all over Greater Victoria.
The CRHC is a non-profit organization and is a subsidiary of the Capital Regional District whose mission is to bring housing options to masses of Greater Victoria.
Their budget is comprised of three components which are to identify new and future projects, managing their nearly 1,900 rental units as well as supporting and advancing developments.
“Housing is the foundation of a happy and healthy life, and the CRHC takes pride in continuing to expand its provision of affordable, sustainable, quality housing for people across the region,” said CRHC Chair Zac de Vries.
“Too many people in our region cannot afford a decent place to live, our work will continue until everyone can afford a decent home.”
The CRHC have eight projects currently underway that total to cost over $60 million in 2023 and they have a ‘Capital Projects’ Major Capital Plan’ (CPMCP) to spend $293 over the next five years to bring affordable housing options to the people of Greater Victoria.
In 2022, The CRHC has the following projects on-the-go or being completed:
- Opened the 58 unit Twenty-Seven Eighty-Two in Langford
- Broke ground on its 158 unit Caledonia development in Fernwood
- Broke ground on its 97 units on its Michigan Square development in James Bay
- Broke ground on its 51 unit Prosser development in Central Saanich
- Continued planning on a proposed 119 unit redevelopment of the Campus View property in Saanich
- Continued planning on the 51 unit redevelopment of Village on the Green in Victoria
- Continued planning on the 158 units of affordable housing at the Pandora development in Victoria
Through their plan, the CRHC says they will bring 2,600 new units to Greater Victoria by 2027.
Their 2023 budget is set at $26.8 million which is within what their projected revenue is predicted to be at $26.9 million.
“In approving the 2023 Budget, the Board has enabled the CRHC to fully operationalize its plans to continue to add much needed affordable housing across the region, while ensuring those already housed continue to have a safe, comfortable place to call home,” said DeVries.
The CRHC currently operates 1,880 units that house nearly 4,000 tenants.