Victoria council is using $1.835 million from its Housing Reserve Fund for the development of two affordable housing projects.
In James Bay, the Capital Region Housing Corporation is proposing to redevelop an existing three-storey, 62-unit building into a four-storey building with 98 units of affordable housing for seniors, adults with disabilities, working singles and families. The City has committed $1.395 million towards the project, subject to development permit approval. The land is already zoned for the redevelopment.
In the Hillside-Quadra neighbourhood, the Greater Victoria Housing Society wants to create 40 units of affordable housing in a new five-storey building by redeveloping an existing three-storey, 19-unit building in Quadra Village. The society purchased the building from a private market. The housing would also go to seniors, working adults, adults with disabilities and families. The city has committed $440,000 toward the project, subject to rezoning and development permit approvals.
The city said if the projects are approved, tenants in the existing buildings will receive compensation and relocation support from the two housing providers consistent with the City’s Tenant Assistance Policy and will pay affordable rent in their new homes.
The City of Victoria’s Housing Reserve Fund provides grants to assist with the development and retention of affordable rental and home ownership projects for households with very low to moderate incomes. City council recently approved increasing the contribution to the fund from $250,000 to $1 million for 2019 and introduced two annual intake dates to allow applications to the fund to be evaluated concurrently.