The City of Victoria, the City of Campbell River and the Town of Comox have partnered with the federal government to provide 900 homes within three years.
The agreement under the Housing Accelerator Fund provides $33.5 million to eliminate pre-existing barriers to building homes.
Victoria will receive $18 million, Campbell River $10 million and Comox $5 million.
The funding will help incentivize more housing by allowing greater density, eliminating rezoning and public hearings for affordable rental housing in the three communities.
Victoria Mayor Marianne Alto said more collaboration and creativity is needed to boost housing in the municipality.
“This federal support empowers the City of Victoria to continue transforming our local housing policies and zoning processes to inspire and accelerate the development of diverse, innovative, affordable housing.”
The Housing Accelerator Fund has helped cut red tape and has fast-tracked the building of 100,000 permitted homes across Canada, leading to an additional 600,000 homes over the next decade.
“It is going to take all levels of government steering in the same direction and working together with expediency and solution-based actions to see an increase in supply and affordability. The Housing Accelerator Fund grant to Comox does just that,” said Comox Mayor Nicole Minions.
The funding will help to fast-track 282 new housing units in Campbell River, according to Mayor Kermit Dahl.
“A mix of housing types will be developed to meet the diverse needs of our community and support housing affordability, aging in place and increased rental stock. Campbell River is a beautiful, growing coastal city that offers a desirable lifestyle, and we’re committed to helping residents and prospective residents make their homes here.”
The announcement aims to provide a further 16,000 homes to Victoria, Campbell River and Comox over the next decade, according to Sean Fraser, Housing Minister Sean Fraser.
Labour Minister Seamus O'Regan announces that nearly $33.5 million in federal funding that help fast-track homes in Victoria, Comox and Campbell River. pic.twitter.com/VeN52KqIEb
— Victoria News (@VictoriaNews) February 16, 2024
READ MORE: Victoria approves 1,900-unit project, sets stage for new harbourfront community
