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$90 million in funding for affordable housing builds in Victoria’s CRD

JOC News Service
$90 million in funding for affordable housing builds in Victoria’s CRD

VICTORIA – Victoria’s Capital Regional District (CRD) will see more than 2,000 rental units of housing, including over 1,000 affordable units and 400 shelter-rate units, created with the goal to finally put an end to chronic homelessness. A mixed-market approach will allow the shelter-rate units to be rented for only $375 per month without ongoing subsidies.

Jean-Yves Duclos, minister of families, children and social development and the minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with Selina Robinson, minister of municipal affairs and housing, and Steve Price, board chair of the CRD, announced a $90 million partnership to provide hundreds of Canadians suffering from homelessness a place to call home.

As part of this partnership, the federal government, through CMHC, is investing $30 million through the National Housing Strategy (NHS).

One of the NHS’ objectives is a 50 per cent reduction of chronic homelessness, by empowering local communities to deliver a combination of housing programs, and responsive and preventative measures such as the Regional Housing First Program (RHFP) in the capital region.

The CRD board is investing $30 million to create the RHFP, contributing to the capital costs associated with building affordable housing to address the needs of people experiencing chronic homelessness in the region.

The provincial government, through BC Housing is also contributing a matching $30 million to the RHFP. Island Health will be providing health supports where and when required to support tenants.

The announcement took place at Siem Lelum, a 41-unit affordable rental housing development for Indigenous people who are at risk of becoming homeless in Victoria.

Phase I included the renovation of a former hotel to provide 26 units, while Phase II included the construction of a standalone 15-unit building on the property, bringing the total to 41 homes.

The project received $4.3 million from the governments of Canada and British Columbia under the Investment in Affordable Housing Agreement.

The NHS, through the Affordable Housing Innovation Fund, is providing $208.3 million over five years for projects that showcase new funding models and innovative building techniques, lowering the costs and risks of financing affordable housing projects and helping to make the affordable housing sector more attractive for private market developers and investors.

 

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