VICTORIA – The Capital Regional District (CRD) Board intends to increase its borrowing authority through the Land Assembly, Housing and Land Banking service to $85 million to support potential partnership opportunities to increase the supply of affordable, inclusive, and adequate housing in the region.
The current requisition capacity under the Land Assembly, Housing and Land Banking Service Establishment Bylaw is fully committed to affordable housing projects under development. Additional resources are required to allow the CRD to consider any new projects or the opportunity to invest in potential partnerships. Debt will not be incurred, nor requisition increased until approved through the annual financial planning process.
“Our region’s housing crisis continues to need our dedicated perseverance to make progress,” said Colin Plant, CRD Board Chair. “We need to be nimble, we need to be determined, and we need to signal a willingness to invest in solutions so we can quickly take advantage of new housing opportunities and provincial or federal government programs that will allow us to secure more units for those in need in this region.”
Staff are actively exploring a range of partnerships related to acquiring and preserving existing affordable housing, acquiring lands on or near transit corridors, acquiring and/or advancing affordable housing projects, and looking into longer-term partnership opportunities with other orders of government. The Regional Housing First Program is an example of the type of partnership which could be enabled by this increase to the CRD’s borrowing authority. The program has brought 13 approved capital projects and 1,325 units to the region since 2019.
New initiatives and resourcing will require an amendment to the Land Assembly, Housing and Land Banking Service Establishing Bylaw and a new loan authorization bylaw both of which require elector approval. Staff will seek consent on behalf of electors in the municipalities and will conduct an Alternative Approval Process in the electoral areas. The processes will be undertaken concurrently, and staff will return to the CRD Board outlining the assent methods in the fall. If approved, staff will work to formalize partnerships, and could start to plan for investment as early as 2024.
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