The Province has announced the creation of more than 60 new affordable rental homes along Fifth Street in Victoria.
The housing, being created through the HousingHub program, will feature 64 affordable units for households with an annual income between $48,000 and $100,000.
“People need and deserve safe and secure housing, but finding affordable housing has been a challenge for many in our community,” said Rob Fleming, MLA for Victoria-Swan Lake.
“I’m pleased that this project will provide good, affordable homes for working families that are close to their friends, work, vibrant business districts and community amenities.”
The units will be located at 2570 Fifth Street and feature a five-story, wood-frame building. The project will have studio, one-bedroom, two-bedroom and three-bedroom homes available.
The new housing complex is within walking distance of Quadra Village.
“Everyone deserves a good home,” said Lisa Helps, mayor, City of Victoria. “We’re grateful for the Province’s creativity in partnering with the private sector to help us reach our goal of creating more affordable rental homes in Victoria. I’m excited to see the vibrancy this project will add to the neighbourhood by bringing much-needed rental housing for individuals and families and supporting a beloved community arts school to also have a new home.”
On the ground floor of the new building, commercial space will be leased out by the Vancouver Island School of Art.
The project is in joint-coordination with Aryze Developments, who states that “a car is not necessary to thrive” in the building’s location. There will be 24 parking stalls, 72 bicycle parking stalls, one modo car-share with reserved parking, and subsidized modo memberships for those who do not own a vehicle, according to Aryze.
“This project is the embodiment of our belief that every neighbourhood should have diverse housing types and tenures for all incomes and demographics,” said Luke Mari, principal, Aryze Developments. “A densified, compact, walkable lifestyle is critical to solving our climate and housing crises, all while creating more liveable and healthier communities.”
The Province is providing interim construction financing of up to $17.2 million for this affordable housing project.
Construction is expected to be complete in spring 2021.
According to the BC Government, it is working to build more than 3,400 new affordable homes for people with a range of incomes in the Capital Regional District.