Two new affordable housing projects will be built in Victoria.
On Friday morning the City of Victoria announced a commitment of $1.835 million for two projects which will create 138 homes for seniors, single working adults, people with disabilities and families.
“We’ve heard from residents and businesses that affordable housing is desperately needed,” said Victoria Mayor Lisa Helps in a statement. “This contribution which leverages significantly higher investment from other levels of government, will create new affordable housing in two Victoria neighbourhoods.”
The first project will be at Michigan Square in James Bay, at 330-336 Michigan St. where the Capital Region Housing Corporation proposes to redevelop an existing three storey, 62-unit building into a four-storey building with 98 units of affordable housing. The city committed $1.395 million towards the project.
The new development will provide affordable housing for existing and new tenants composed of very low, low and moderate income seniors, adults with disabilities, working singles and small families.
The proposed monthly rents range from $375 for for those with very low incomes, up to $2,300 for three-bedroom units
The second project will be in the Hillside-Quadra neighborhood, at 2558 Quadra Street, currently known as Forest Heights. There, the Greater Victoria Housing Society hopes to convert the current 19-unit, three-story building into 40 units of affordable housing in a new five-storey building. The city committed $440,000 towards the project.
Rental rates for the 40 units would vary from $863 per month for studio units, $995 for one-bedroom units and $1,293 for two-bedroom units.
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