The Capital Regional District (CRD) has launched a regional alternative approval process with the goal of improving the supply of affordable, inclusive and adequate housing across the region and supporting future housing partnerships.
The alternative approval process will seek elector approval to increase the borrowing authority through the land assembly, housing and land banking service to $85 million.
Debt will not be incurred until specific partnerships and project opportunities are identified and given the green light through the yearly CRD budget process.
The debt servicing cost will be recovered over a period not exceeding 30 years through annual requisition for the service.
The service area spans all municipalities and electoral areas within the Capital Regional District, which currently has 331,905 electors.
The CRD board can adopt the bylaw if less than 10 per cent of electors submit a signed elector response form.
Feb. 5 is the deadline to submit the forms, which can be found at bit.ly/41I5Har.
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