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March 4, 2024, 1:21 pm

Capital Regional District Announces Acquisition to Support Future Affordable Housing

Capital Regional District
VICTORIA -  The Capital Regional District (CRD) has an accepted offer to purchase 1183 Verdier Avenue and plans to work closely with the Capital District Region Housing Corporation (CRHC) and the District of Central Saanich with the goal of creating more affordable housing in Brentwood Bay Village.

In April 2023, the CRD Board approved an equity contribution of $5 million from the Regional Housing First Program to be applied to the purchase. Additional funding partners will continue to be pursued.

It is expected that the mixed-use affordable housing project will also provide approximately 2000 sq ft of commercial space, and the CRHC is proposing to use this space as a daycare which would provide an additional benefit to the community. This mixed-use development is the first project of its kind for the CRHC, which will manage the new homes and provide space for a childcare provider to operate on the site.

This project will align with the Central Saanich Official Community Plan (OCP) land use designation of Multi-Unit Residential and policies that support mixed-use development in the core commercial areas, including Brentwood Bay Village. The site is surrounded by several neighbourhood amenities and is located on an existing cycling, pedestrian, and transit route.

The CRHC is a wholly owned subsidiary of the CRD and provides over 2,000 homes for more than 4,000 tenants throughout the region. It is the largest non-profit housing provider on Vancouver Island and delivers and manages affordable, attractive, inclusive, sustainable housing within the capital region.

The CRD delivers regional, sub-regional and local services to 13 municipalities and three electoral areas on southern Vancouver Island and the Gulf Islands. Governed by a 24-member Board of Directors, the CRD works collaboratively with First Nations and government partners to enable sustainable growth, foster community well-being, and develop cost-effective infrastructure while continuing to provide core services to residents throughout the region. Visit us online at www.crd.bc.ca.


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