The Capital Regional District’s residential development arm known as the Capital Region Housing Corporation (CRHC) is moving on plans to deliver upwards of 5,000 new affordable rental units by 2045, according to a statement issued by the CRD.

 

 

As of late November, the CRHC Board voted to back an agenda called CRHC 2045: “A Path to 5,000” Framework, premised on “the potential for the CRHC to build on its current development momentum and do more to provide affordable rental homes for families and individuals in the region.”

 

Already in the development pipeline are more than 1,000 of the projected 5,000 units, CRHC data shows, with occupancy targeted for 2027 through 2030. The new Framework will help guide the CRHC towards delivering thousands of additional new homes over the subsequent 15 year period.

 

To help achieve the CRHC target, the Capital Regional District cites last year’s CRD Board decision granting the borrowing of $85 million towards rental developments as a measure to help “advance housing opportunities.” Additionally, funding from higher levels of government “may be leveraged for additional funding support,” the CRD says.

 

 

Currently, the CRHC manages 50 properties throughout the Capital Region home to more than 4,300 tenants.

 

According to Citified’s south Island real-estate development tracking, approximately 20 affordable affordable rental projects funded through various government-backed social housing organizations like the CRHC, are currently approved or under construction throughout Greater Victoria. Collectively, the inventory amounts to several thousand units, including the CRHC’s aforementioned already underway 1,000-unit pipeline that includes the Campus View and Village on the Green developments in Saanich and Victoria, respectively. C

 

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