Victoria, BC– The Capital Region Housing Corporation (CRHC) has approved its budget for 2023 which includes funding to continue to plan and develop affordable housing projects in the region.
“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.”
Three major components outline CRHC’s budget process which includes: Capital Projects, which identifies new and potential future projects; Operations and Maintenance, which covers the complexities of managing almost 1,900 units of rental housing; and, Administration and Development, which ensures the support of housing operations and advancing new developments.
The Capital Projects’ Major Capital Plan includes eight projects that are identified as underway, or in planning, totaling just over $60M for 2023 towards a funding envelope of $293M over the life of the Plan. In 2022 the CRHC opened the 58 unit Twenty-Seven Eighty-Two in Langford, and broke ground on its 158 unit Caledonia development in Fernwood, and another 97 units on its Michigan Square development in James Bay. Michigan Square is set to open by the end of 2023, as will the 51 unit Prosser development in Central Saanich. Planning continues on a proposed 119 unit redevelopment of the Campus View property in Saanich, 151 unit redevelopment of Village on the Green in Victoria, and the proposed 158 units of affordable housing at the Pandora development in Victoria.
Once completed, the projects in the Major Capital Plan will increase the CRHC housing stock from 1,880 units as of December 2022, to more than 2,600 units by 2027.
While increased insurance premiums, inflationary cost pressures from contracted services, and additional costs associated with growth and operations have continued through 2022, the consolidated budget proposed for CRHC Operations at $26.8M will be within targeted revenues of $26.9M for 2023.
“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.
About CRHC
The CRHC is a wholly-owned subsidiary of the Capital Regional District (CRD) and is the largest non-profit housing provider on Vancouver Island. It owns and operates 1,880 units across 51 buildings in the capital region across seven municipalities and provides homes to almost 4,000 tenants.
CRHC works collaboratively with stakeholders, community partners and tenants to build safe, vibrant and accessible communities where tenants can feel a sense of pride and belonging
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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For media inquiries, please contact:
Andy Orr, Senior Manager
CRD Corporate Communications
Tel: 250.360.3229
Cell: 250.216.5492