Grants Approved for Construction of Affordable Rental Housing

Feb 11, 2015

Victoria, BC– The Capital Regional District (CRD) Board today approved the recommendation to award three Regional Housing Trust Fund (RHTF) grants totalling $2,385,000 to assist the Greater Victoria Rental Development Society, the Society of St. Vincent de Paul and the Pacifica Housing Society in the construction of new affordable rental housing.

1950 Blanshard Street, Victoria
The preliminary total capital cost of the Greater Victoria Rental Development Society project is approximately $16.5 million for the development of 65 units targeted towards sheltering of low income singles. The RHTF contribution is valued at $495,000.

4349 West Saanich Road, SaanichThe preliminary total capital cost of the Society of St. Vincent de Paul project is approximately $12.8 million for the development of 42 units targeted towards sheltering of low income families and seniors. The RHTF contribution is valued at $630,000. 

105 Wilson Street, Victoria
The preliminary total capital cost of the Pacifica Housing Society project is approximately $35.5 million for the development of 84 units targeted towards sheltering of low income singles, families and seniors. The RHTF contribution is valued at $1,260,000. 

“These new facilities will provide a stable and supportive environment for those most in need,” said Nils Jensen, CRD Board Chair. “We are pleased to be part of the solution to providing affordable housing to residents in our region.”

 Funding assistance is scheduled to be received from a number of multilevel government, private and community organizations, allowing the projects to proceed into construction by April 2015. The individual funding contributions from all of the partners will be identified prior to the end of March 2015.

 

The Housing Trust Fund is a key implementation initiative of the Regional Housing Affordability Strategy. The Fund was established by the CRD Board in 2005, in recognition that housing affordability is a regional priority and key issue in the Capital Region.

 

 

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For media inquiries, please contact:
Andy Orr, Senior Manager
CRD Corporate Communications
Tel: 250.360.3229
Cell: 250.216.5492

 

 

Backgrounder:

1950 Blanshard Street, Victoria - Greater Victoria Rental Development Society

Program: Regional Housing Trust Fund

CRD Board meeting of Wednesday, February 12
  • On Wednesday, February 4 the RHTF Commission gave approval to the recommendation; That a grant of $495,000 from the Regional Housing Trust Fund be awarded to Greater Victoria Rental Development Society for the development of 65 units targeted towards sheltering of low income singles, at 1950 Blanshard St. Victoria, subject to meeting the terms of the RHTF grant funding agreement.
  • The 1950 Blanshard St. project began its development in early 2014 and full rezoning was achieved in October 2014.This significant sized project is unique in its short development time frame
  • This housing project will involve the development of 65 affordable housing units comprising of 3 studio units and 62 one-bedroom units.2 of the units will be fully accessible.
  • Funding assistance is scheduled to be received from a number of multilevel government, private and community organizations, allowing the project to proceed into construction by April 2015
  • The individual funding contributions from all of the partners will be identified prior to the end of March 2015
  • The total project value is $16.5 million, involving the construction of 65 apartment style units in a 7 storey concrete structure
  • This new facility will be located directly from across the Street from the Save on Food Centre Arena.Also included within the facility will be a first floor commercial/retail section, where the positive cash flows will benefit the rental component
  • The, Greater Victoria Rental Development Society has extensive experience in the development of non-profit housing in the CRD
  • The RHTF Fund has 11 participating municipalities and two electoral areas and receives contributions of approximately $925,000 annually

 

4349 W. Saanich Rd., Saanich - Rosalie Village-Society of St. Vincent de Paul

Program: Regional Housing Trust Fund

CRD Board meeting of Wednesday, February 12

  • On Wednesday, February 4 the RHTF Commission gave approval to the recommendation; That a grant of $630,000 from the Regional Housing Trust Fund be awarded to Society of St. Vincent de Paul for the development of 42 units targeted towards sheltering of low income families and seniors at 4349 W. Saanich Rd., Saanich, subject to meeting the terms of the RHTF grant funding agreement.
  • The Rosalie Village project began its development in early 2008 and encountered lengthy delays with municipal rezoning approvals and funding commitments from various funding partners
  • In 2012 the Greater Victoria Coalition to End Homelessness identified Rosalie Village as the number one priority ranking for community housing funding considerations
  • Funding assistance is scheduled to be received from a number of multilevel government, private and community organizations, allowing the project to proceed into construction within the next several months
  • The individual funding contributions from all of the partners will be identified prior to the end of March 2015
  • The total project value is $12.8 million, involving the construction of 22 apartment and 20 townhouse style units.Also included will be an on-site day care facility
  • The St. Vincent De Paul Housing Society has extensive experience in the development and operation of non-profit supportive housing
  • The RHTF Fund has 11 participating municipalities and two electoral areas and receives contributions of approximately $925,000 annually

 

105 Wilson St., Victoria - Wilson Walk

Program: Regional Housing Trust Fund

CRD Board meeting of Wednesday, February 12

  • On Wednesday, February 4 the RHTF Commission gave approval to the recommendation; That a grant of $1,260,000 from the Regional Housing Trust Fund be awarded to Pacifica Housing Society for the development of 84 units targeted towards sheltering of low income singles, families and seniors at 105 Wilson St. Victoria, subject to meeting the terms of the RHTF grant funding agreement.
  • The 105 Wilson St. project began several years ago as the second phase of the adjacent “The Wing” rental housing facility.Elements of a foundation assembly are already on this site.
  • This housing project will involve the development of 84 affordable housing units comprising of 42 bachelor units, 28 one-bedroom units and 14 three bedroom units.These units will be rented within the BC Housing Affordable Housing Income Limits.A further 24 “near market" units for a total of 108 units within a 12 storey concrete facility
  • Funding assistance is scheduled to be received from a number of multilevel government, private and community organizations, allowing the project to proceed into construction by April 2015
  • The individual funding contributions from all of the partners will be identified prior to the end of March 2015
  • The total project value is $35.5 million
  • Full rezoning and development approvals were secured from the city of Victoria in late October 2014
  • The Pacifica Housing Society has extensive experience in the development of non-profit housing in the CRD and on Vancouver Island
  • The RHTF Fund has 11 participating municipalities and two electoral areas and receives contributions of approximately $925,000 annually