An affordable housing project will soon bring 64 new rental homes to Victoria. The project, located at 2570 Fifth Street, is set to provide affordable homes for those with household incomes between $48,000 and $100,000 annually. (Photo contributed by Aryze Developments)

Affordable rental home project under construction in Victoria

HousingHub project to bring 64 new affordable rental spaces by Spring 2021

An affordable housing project will soon bring 64 new rental homes to Victoria.

The project, located at 2570 Fifth Street, is set to provide affordable homes for those with household incomes between $48,000 and $100,000 annually. There will be various types of spaces available, including studio, one-bedroom, two-bedroom and three-bedroom homes.

“People need and deserve safe and secure housing, but finding affordable housing has been a challenge for many in our community,” said Rob Fleming, MLA for Victoria-Swan Lake.

The bottom floor of the project will be leased by the Vancouver Island School of Art.

“Everyone deserves a good home,” said Victoria Mayor Lisa Helps.

“We’re grateful for the province’s creativity in partnering with the private sector to help us reach our goal of creating more affordable rental homes in Victoria.”

The cost of each rental space will vary, but for a studio will be about $1,000 to $1,215 per month, one-bedroom about $1,375, two-bedroom $2,100, and three bedrooms will cost approximately $1,125 and $2,500 per month.

The project is being built through BC Housing’s HousingHub program, in partnership with Aryze Developments. HousingHub is providing up to $17.2 million towards construction of the project, which is aimed to be completed by spring next year.

Including these homes, the province is looking to build more than 3,400 affordable homes in the Capitol Regional District.

For more information, please visit www.bchousing.org.

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