Victoria, BC - The Capital Regional District (CRD) Board is awarding three Regional Housing Trust Fund (RHTF) grants totalling $1,665,000 to assist M’akola Housing Society and the Capital Region Housing Corporation in the construction of new affordable rental housing in Victoria and Sooke.
“These grants are crucial in creating affordable housing across the capital region,” said Charlayne Thornton-Joe, RHTF Commission Chair. “Without this local contribution, these projects would not happen.”
The RHTF provides capital grants towards development of affordable housing units in the region, and is currently prioritizing contributions towards approved Regional Housing First Program (RHFP) projects. Grants through the RHTF are fundamental to creating a substantial portion of the 1,600 affordable rental units required to make the RHFP program work.
Michigan Square (Victoria) - The preliminary total capital cost of the westerly building of the development is $21 million. The CRHC project will include 15 units at provincial income assistance rates under the RHFP. The remaining 38 units within the building are the focus of the $570,000 RHTF grant. The project is anticipated to begin construction no earlier than November 2021 with occupancy in summer 2023.
Drennan Rd (Sooke) - The preliminary total capital cost of development is $12.4 million. The proposed M’akola Housing project will include 34 units at provincial income assistance rates under the RHFP. To facilitate 51 units of affordable rental units the project was awarded a $765,000 RHTF grant.
Charters Rd (Sooke) - The preliminary total capital cost of development is $5.2 million. The M’akola Housing project will include 75 new affordable units in a 4-storey structure. This modular project is anticipated to be completed by the summer of 2021. To facilitate 22 units of affordable rental units the project was awarded a $330,000 RHTF grant.
The Regional Housing First Program is an equal partnership agreement between the CRD, BC Housing and Canada Mortgage and Housing Corporation that contributes $40 million each to create a capital pool totaling $120 million. These funds will build 400 units of housing to be rented at the provincial income assistance shelter rate ($375/month) to address the needs of people experiencing chronic homelessness in the region. Under the mixed-market model, the combined $120 million could leverage up to 2,000 units of housing, with a value of up to $600 million.
For more information on the RHTF, please visit: https://www.crd.bc.ca/about/what-we-do/regional-housing/regional-housing-trust-fund
Proud to be recognized as one of BC’s Top Employers and Canada’s Greenest Employers, the CRD delivers regional, sub-regional and local services to 13 municipalities and three electoral areas on southern Vancouver Island and the Gulf Islands. Governed by a 24-member Board of Directors, the CRD works collaboratively with First Nations and all levels of government to enable sustainable growth, foster community well-being, and develop cost-effective infrastructure while continuing to provide core services to residents throughout the region. Visit us online at www.crd.bc.ca.
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