Construction is underway at a new 52-unit rental housing development that will provide affordable housing for Victoria families with low to moderate incomes.

The project is a partnership supported by the Province through a mortgage loan of approximately $9.8 million; Equity contributions of $370,000 each from The City of Victoria and the Capital Regional District's (CRD) Regional Housing Trust Fund; and approximately $15,000 in fundraised equity from The Greater Victoria Rental Development Society (GVRDS).

The building at 21 Gorge Road East will contain a mix of one and two bedroom apartments and will be managed and operated by the Greater Victoria Housing Society (GVHS). GVRDS and GVHS will share joint ownership of the building. GVHS is a non-profit society and registered charity dedicated to providing those in need with affordable rental housing in Greater Victoria.

It is anticipated the building will be complete in winter 2011.

Quick Facts:

• In the 10 years since 2001, the government has committed to creating nearly 21,400 new units of housing. 16,326 have been completed, 3,450 are in development/under construction, and an additional 1,615 units where funding has been committed. (This compares to 13,180 units that were completed in the ten-year period 1991-2001)
• In 2011/12 the Province will invest $17.2 million to provide affordable housing options for close to 4,900 Victoria households.
• Founded in 2009, the Greater Victoria Rental Development Society (GVRDS) is a non-profit organization mandated to provide quality, affordable rental apartments for lower to middle income families residing in Victoria. GVRDS' ultimate goal is that, through the provision of these affordable rental apartments, families in need will be able to one day achieve home ownership.
• Established in 1956, the Greater Victoria Housing Society is a non-profit society and registered charity dedicated to providing affordable rental housing to those in need residing in the Greater Victoria community.

To find out more, visit: www.bchousing.org to learn more about provincial programs and services to address affordable housing.

Contact:

Vincent Chou
BC Housing
604 454-5444

Katie Josephson
City of Victoria
250 361-0210