VICTORIA, BC, May 30, 2022 /CNW/ - Construction is underway on a new housing project that will replace three aging apartment buildings with 97 new affordable rental homes for families, seniors, and people with low- to moderate-incomes in Victoria.
Through an innovative partnership between the Government of Canada, the BC Government and the CRD, this project is receiving $4.5 million through the Regional Housing First Program, to eliminate chronic homelessness and generate new rental housing options in southern Vancouver Island and surrounding Gulf Islands.
The Province, through BC Housing, is providing approximately $11.7 million in low-cost financing through its HousingHub initiative, a $4.6 million grant through Building BC: Community Housing Fund, and approximately $187,000 in annual operating funding. CRD is contributing the land and equity; the Regional Housing Trust Fund contributed $950,000; and the City of Victoria is providing $620,000. The Capital Regional Housing Corporation will own and operate the new buildings.
Located at 330-336 Michigan St., Michigan Square will replace 53 units spread across three aging apartment buildings that became uninhabitable due to water damage. The buildings have been demolished and their residents have been relocated to other affordable housing in the community.
The redevelopment will replace the demolished units with two new four-storey apartment buildings. The buildings will have a mix of studio, one-, two-, and three-bedroom homes, including:
The development will also include a private courtyard with a playground and a community garden, as well as a gathering area and bicycle storage. When construction is complete, former residents in the older apartment buildings will have the option to move into the new homes. The heritage home and nine town homes on-site will not be redeveloped, and tenants will stay in their homes with unchanged rents.
Construction is expected to be completed in fall 2023, with residents moving in shortly after.
Quotes:
"Every Canadian deserves a safe place to call home. The redevelopment of Michigan Square will provide new homes to nearly 100 families, individuals and seniors in Victoria and is truly a community achievement that will be celebrated for generations to come. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion
"Our Government is investing in affordable, high quality rental housing in Victoria and across BC to help create jobs and improve the quality of life for those who need it most. Thanks to the combined efforts of our partners, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community." – John Aldag, Member of Parliament for Cloverdale-Langley City
"With construction starting on Michigan Square, more families, seniors and individuals in Victoria will have access to quality homes with affordable monthly rents that will help them stay in our community. We'll continue to work with our federal and community partners to build more affordable homes like these in Victoria and throughout British Columbia." – Grace Lore, MLA for Victoria-Beacon Hill
"Housing affordability in our community is a top priority for Victoria City Council. Projects such as the Michigan Street development not only provide accessible housing and create vibrant neighbourhoods, they also highlight the remarkable impact that is possible when agencies work collaboratively on a common goal." – Lisa Helps, mayor, City of Victoria
"The Capital Regional Housing Corporation (CRHC) builds safe, vibrant, and accessible communities where our tenants can feel a sense of pride and belonging, and that commitment continues in our redevelopment of Michigan Square. The remarkable part of this project is the way our partners have come together to realize our goal increasing the supply of affordable and appropriate housing for low-, moderate- and middle-income households." – Jeremy Loveday, chair, Capital Regional Housing Corporation
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SOURCE Canada Mortgage and Housing Corporation
Arevig Afarian, Office of the Minister of Housing and Diversity and Inclusion, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Ministry of Attorney General and Responsible for Housing, Media Relations, 236 478-0251; BC Housing, Media Relations, [email protected]
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