A new affordable housing development project is coming to the District of Central Saanich that will have over 50 units available to be rented by the community.
The new project will be located at 1909 Prosser Road in Central Saanich and will be funded by the Regional Housing First Program(RHFP).
According to Central Saanich, the building will consist of five storeys and attach to a shared underground parkade.
The multi-unit residential building will have studios and 1-and 2-bedroom apartments with 41 units being rented at affordable rates for people with moderate to low incomes. The remaining 10 units will be rented at the provincial income assistance rate of $375/month. The provincial income assistance units will be offered to individuals who have experienced homelessness and are ready to live independently.
The total project is estimated to cost approximately $17-million, including the $3-million RHFP equity purchase, a $3.25-million Investment in Housing Innovation grant from BC Housing and $615,000 in grant funding from the Regional Housing Trust Fund.
“There is an urgent need for more housing people can afford in our region and the Regional Housing First Program enables us to create the right mix of affordable housing opportunities,” said CRD Board Chair Colin Plant.
“This mix of housing will deliver homes that low and middle-income people can afford, while also making sure people in greatest need have access to safe, secure housing with the right support services available to help them succeed.”
The Prosser Road affordable housing development will also be located next to a 39-unit supportive housing project, which is currently under development as well.
Construction is currently underway and Central Saanich is expecting the project’s completion by spring 2022.