The Canadian government announced a $100-million loan towards a housing project in Victoria on Tuesday.
The Hudson Place 2 development, located at 1700 Blanshard St., will feature 245 residential homes. Units will range from studios to two-bedrooms with dens. Of the units, 227 will be rented at – or below – 30 per cent of median household income.
“Every Canadian deserves a safe and affordable place to call home,” said Ahmed Hussen, the minister responsible for the Canada Mortgage and Housing Corporation (CMHC). “Homes that are affordable, accessible, and energy-efficient represent our government’s commitment to making sure the housing needs of local communities across British Columbia, including in Victoria, are met. This is the National Housing Strategy at work,”
In the announcement, Hussen also noted 29 of the units will be “deeply affordable,” at an even lower rental cost. He added the affordability of many units will be maintained for at least 16 years.
It is unknown yet, what rent will be priced at, but Chris Colbeck, senior vice president of development at Towline Homes, said once the development is complete, it will receive an appraisal, and units will be priced at 10 per cent below the appraised value.
Colbeck noted construction is well underway, and the project is on track for a summer 2022 completion date.
“In addition to Townline’s mix of market condominiums and mixed-use communities, purpose-built rental projects are a very important part of what Townline builds and the communities we build them in. Without this innovative and strategic program developed by CMHC, projects like Hudson Place 2 would not be possible,” said Colbeck.
“The RCFI (rental construction financing initiative) funding provides the industry an opportunity to create more affordable purpose-built rental projects that would otherwise never be supplied, which ultimately would result in a tighter and less affordable rental market for tenants. Not only does this program benefit tenants, it is a catalyst for much-needed job growth and employment.”
The Hudson Place 2 development loan is financed as part of the national housing strategy program, through the rental construction financing initiative. The initiative is delivered by the Canada Mortgage and Housing Corporation.