Located at 35 Gorge Rd. E., the new 68-unit affordable rental building will feature a mix of studios and one- and two-bedroom apartments. The building will include five private-market townhomes.

• The Government of Canada is providing $10,000 Seed Grant and $10,000 Seed Loan as well as Proposal Development Funding of $100,000 through Canada Mortgage and Housing Corporation.

• The B.C. government will provide approximately $10.3 million in construction financing.

• The City of Victoria provided $680,000 in equity.

• The Capital Regional District's Regional Housing Trust Fund provided $816,000.

• The Greater Victoria Rental Development Society and the Greater Victoria Housing Society is contributing a total of approximately $1.5 million through a combination of equity and development consultant fees.

Once complete, the building will be managed and operated by the Greater Victoria Housing Society, which shares joint ownership of the building with the Greater Victoria Rental Development Society. Construction is expected to be complete by the end of 2013.

Quotes:

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

"Our government is creating affordable housing options here in Victoria and across the province. We work in partnership with other levels of government and community organizations to build vibrant and healthy communities and make life better for families and affordable housing is the cornerstone to that goal."

Dean Fortin, mayor, City of Victoria -

"I'd like to congratulate both societies who have put an enormous amount of time and energy into this project, ensuring we continue to create affordable housing for adults and families in Victoria. The City is proud to have contributed towards this project because we believe that investing in housing for those in need results in a stronger, healthier, and more sustainable community for all."

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

"The demand for more affordable housing options in the Capital Region is an important area of concern for the CRD. Through our Regional Trust Fund, we invested $816,000 in equity towards the construction of 35 Gorge Road East which will directly benefit residents in need of affordable housing."

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

"Continuing on our success of Loreen Place, our society is moving our vision forward in building a legacy of affordable rental housing in Victoria. Our society bridges our private-sector expertise with non-profit values to our partnership with the Greater Victoria Housing Society to fully realize our vision for this city."

"I would like to acknowledge both the Bal and Gill family's generosity towards this project. The two families provided $75,000 each towards this development. Without their support, this project would not have come to fruition."

Eric Dahli, chair, Greater Victoria Housing Society -

"We are proud to partner with the Greater Victoria Rental Development Society to co-own both neighbouring Loreen Place and this new Gorge Road building to ensure moderate income working families will soon have access to more quality, affordable housing in our community."

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 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 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

Contacts:

Fergus McCann
BC Housing
778 452-6445

Katie Josephson
City of Victoria
250 361-0210