An injection of provincial funding has helped secure affordable homes for dozens of residents of Victoria.
The Rental Protection Fund (RPF) announced the acquisition of two rental buildings, totalling 68 affordable rental units, by the Greater Victoria Housing Society (GVHS), Tuesday morning (Aug. 13).
This initiative is set to protect the affordable rental rates of the two Victoria properties located at 1500 Chambers St. and 430 Michigan St. Both buildings provide rents that are, on average, 37 per cent below the current local market.
This announcement follows the listing of the Michigan Street housing complex for sale, which sparked concerns among its residents, said Victoria-Beacon Hill MLA Grace Lore at the start of the press conference.
The funding provided GVHS with $11.3 million to acquire the two properties. This purchase will ensure the preservation of 68 housing units, from studios to two-bedroom apartments. An additional $1.2 million renewal grant will ensure the units’ sustainability over time.
Approximately 70 per cent of these two building rentals are labelled as affordable to households earning the median renter income for Victoria.
This initiative is aligned with the RPF’s mission to protect affordable homes for middle-income renters who may not qualify for subsidized programs but still struggle to keep up with the rising cost of rent, said Rental Protection Fund CEO Katie Maslechko.
“Protecting affordable rental housing means residents can feel secure in their homes, and their community. Through the fund, we’re able to preserve affordability where people want to live,” said Maslechko. “Not only will these homes continue to be affordable for renters in Victoria, but through this investment, these buildings will be more sustainable, and continue to provide secure, affordable homes for the future at a fraction of the cost of building new.”
As part of the acquisition, GVHS will upgrade low-efficiency boilers in the two buildings to improve energy efficiency and reduce greenhouse gas emissions.
Established in 1956, GVHS is a non-profit dedicated to providing safe, secure, and affordable housing. The organization currently oversees approximately 1,000 housing units within the Capital Regional District, catering to seniors, families, individuals with disabilities, newcomers, and others who encounter barriers to housing.
Being among the first recipients of this funding, GVHS executive director Virginia Holden said she was honoured that her organization was chosen to provide affordable rental housing for low-to-moderate income tenants.
“We thank our partners, through the leadership of the province, for working with us to purchase these two buildings in Victoria,” said Holden. “For years to come, we will be able to preserve these units as affordable housing, ensuring that the residents have high quality, safe, accessible and sustainable homes.”
First National, Canada’s largest multi-unit property lender, supported the project by arranging insured financing through CMHC’s MLI Select program.
This announcement follows the preservation of 50 affordable rental homes in Parksville and over 346 homes in Campbell River, Port Hardy, Duncan and Esquimalt.
