A new 52-unit residential rental building was officially opened in Victoria today with affordable homes for small families with low to modest incomes.

Loreen Place, located at 21 Gorge Rd. E., has a one-bedroom that rents for $800 and 51 two-bedroom units with rents that range from $875 to $1300. The building is managed and operated by the Greater Victoria Housing Society who shares joint ownership of the building with the Greater Victoria Rental Development Society.

The total capital cost of the project was $10.4 million:

• The Government of Canada provided a SEED funding grant and Proposal Development Funding of almost $90,000 through Canada Mortgage and Housing Corporation.

• The B.C. government arranged $9.6 million in long-term financing.

• The City of Victoria and the Capital Regional District's Regional Housing Trust Fund each provided $370,000.

Quotes:

Honourable Alice Wong, Minister of State (Seniors) and Member of Parliament for Richmond -

"Our Government is proud to support these new rental housing units at Loreen Place. Our investments, along with the partners, help to make a real difference in the lives of families in need, a place they can be proud to call home."

Ida Chong, Minister of Aboriginal Relations and Reconciliation and MLA for Oak Bay - Gordon Head -

"These new homes will make a real difference for families in our community. Throughout the province, our government works closely with other levels of government and community organizations to create new affordable homes for families in need. As a result, more than 1,500 families in the Greater Victoria area benefit from provincially funded affordable housing options."

Dean Fortin, mayor, City of Victoria -

"The City of Victoria contributed $370,000 towards the development of this project so that low to moderate income families can gain better access to affordable housing in this city. I want to recognize the hard work that both societies have put into making Loreen Place a reality."

Paul Gerrard, chairman on behalf of the CRD Regional Housing Trust Fund -

"Through the CRD Regional Trust Fund, the Capital Regional District provided $370,000 to help create 52 affordable rental apartments for small families in need. The establishment of Loreen Place ensures that families in our regional community access to affordable housing."

Alanna Holroyd, executive director, Greater Victoria Rental Development Society -

"The Greater Victoria Rental Development Society is proud to work with community partners like the Greater Victoria Housing Society to provide affordable, but non-subsidized housing for the small, moderate-income working households who reside at Loreen Place. We are delighted to have the support of our government partners to fully realize our vision for Loreen Place."

Eric Dahli, chair, Greater Victoria Housing Society -

"We are proud to partner with the Greater Victoria Rental Development Society to co-own this building. We know the demand for housing affordable for Victoria's workforce is growing and we are pleased to be providing options to support our local economy."

Quick Facts:

• Since 2001, the B.C. government has invested $3.2 billion to provide affordable housing for low-income individuals, seniors and families. This year, more than 97,000 B.C. households will benefit from provincial social housing programs and services.

• In 2011-12, the B.C. government invested over $29.9 million to provide subsidized housing and rent supplements for 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.

Learn More:

Information on the The Community Partnership Initiative: http://www.bchousing.org/Initiatives/Financing/CPI

The Greater Victoria Rental Development Society: http://gvrds.org

To learn about services offered by the Greater Victoria Housing Society, visit: http://greatervichousing.org

Media Contacts:

Fergus McCann
BC Housing
778 452-6445

Katie Josephson
City of Victoria
250 361-0210