Westview, one of the newest targeted apartment complexes opened by the Capital Regional District Housing Corporation, came in $700,000 under budget. That money can now be used for another project, possibly in Greater Victoria. (Courtesy crd.bc.ca)

Cost savings on CRD housing project in Saanich could be passed on to tenants

Affordable housing project on Carey Road came in $700,000 under budget

Construction cost savings for the Westview housing development on Carey Road could potentially be passed on to tenants in the long term, members of the Capital Regional District hospitals and housing committee heard Wednesday (Sept. 2).

BC Housing, which holds two of the Capital Region Housing Corporation’s (CRHC) mortgages on the Saanich project, reduced the $7.16-million forgivable second mortgage by $700,000, the amount by which the 73-unit rental project came in under budget.

“It’s a very good news story,” said Lisa Helps, Victoria mayor and committee chair.

RELATED STORY: New Saanich development provides options for people struggling to find housing

While the savings do not come directly back to CRHC for reinvestment into future projects, CRD chief administrative officer Robert Lapham said, answering a question from committee member and Colwood Mayor Rob Martin, the building’s tenants will likely benefit.

“We bring the rent profile down on the project, and we’ve got a lesser mortgage, [so] it ultimately impacts the rents we need to charge to recover the loan amount on this building,” Lapham explained.

The committee heard that the same approach would be undertaken on future CRHC projects.


 

Do you have a story tip? Email:don.descoteau@blackpress.ca. Follow us on Instagram.  
Like us on Facebook and follow us on Twitter.

BC HousingCRDseniors housing

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Oak Bay High students do their best for COVID-19 Tour de Rock

Tour de Rock riders make socially responsible visit Friday

Sidney council signals support for recreational cannabis store

A 6-1 vote sends application forward for final approval from province

Blackberry festival moves forward with drive-thru in Metchosin

Event takes place on Oct. 3 from 10 a.m. to 2 p.m.

No ‘harmonious solution’ dogs on beaches in Saanich, community-led study finds

Cadboro Bay Residents’ Association present findings to council Sept. 28

B.C. counts 125 new COVID-19 cases, up to 1,284 active

No new deaths or health care facility outbreaks

B.C. salmon farm opponents demand answers from DFO

First Nations, conservation groups dismayed by omission of sea lice in risk assessments

Health Canada green-lights rapid COVID-19 test

Health Canada approved the BCube test from Hyris Ltd. in the United Kingdom Sept. 23

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. VOTES 2020: Businesses now owe $6 billion in deferred tax payments

COVID-19 relief from remittance to province ends with September

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

U.S. boater fined $1,000 for violation of Quarantine Act

49-year-old man entered Canada to visit girlfriend in Surrey

Horgan vows to replace B.C.’s shared senior care rooms in 10 years

$1.4 billion construction on top of staff raises, single-site work

First Nations Health Authority chief medical officer concerned with rising COVID-19 cases

“There’s still so much we don’t know and we’re learning everyday about this particular virus.”

Most Read