The Capital Region Housing Corporation (CRHC) has approved a budget that aims to bring more than 700 units of affordable housing to the region during the next five years.
The CRHC budget for 2023 includes funding to continue to plan and develop affordable housing projects in the region.
The Capital Projects’ Major Capital Plan includes eight projects that are identified as underway or in planning, totaling just over $60 million for 2023 towards a funding envelope of $293 million over the life of the plan.
Once completed, the projects in the plan will increase the CRHC housing stock from 1,880 units as of December 2022, to more than 2,600 units by 2027.
“Housing is the foundation of a happy and healthy life, and the CRHC takes pride in continuing to expand its provision of affordable, sustainable, quality housing for people across the region,” said CRHC Chair Zac de Vries. “Too many people in our region cannot afford a decent place to live, our work will continue until everyone can afford a decent home.”
In 2022, the CRHC opened the 58-unit Twenty-Seven Eighty-Two in Langford, and broke ground on its 158-unit Caledonia development in Fernwood, and another 97 units on its Michigan Square development in James Bay. Michigan Square is set to open by the end of 2023, as will the 51-unit Prosser development in Central Saanich.
Planning continues on a proposed 119-unit redevelopment of the Campus View property in Saanich, 151-unit redevelopment of Village on the Green in Victoria, and the proposed 158 units of affordable housing at the Pandora development in Victoria.
Three major components outline CRHC’s budget process: capital projects, which identifies new and potential future projects; operations and maintenance, which covers the management of almost 1,900 units of rental housing; and administration and development, which ensures the support of housing operations and advancing new developments.
While increased insurance premiums, inflationary cost pressures from contracted services, and additional costs associated with growth and operations have presented challenges, the $26.8-million consolidated budget proposed for CRHC operations will be within targeted revenues of $26.9 million for 2023.
“In approving the 2023 budget, the board has enabled the CRHC to fully operationalize its plans to continue to add much needed affordable housing across the region, while ensuring those already housed continue to have a safe, comfortable place to call home,” said de Vries.
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