Thanks to a financial injection from the province, dozens of Victoria residents were able to secure affordable housing.

On the morning of August 13, the Rental Protection Fund (RPF) announced the acquisition of two rental buildings containing a total of 68 affordable rental units by the Greater Victoria Housing Society (GVHS).

The aim of this initiative is to secure the affordable rents of the two Victoria properties at 1500 Chambers St. and 430 Michigan St. The rents in both buildings are on average 37 percent below the current local market price.

This announcement follows the listing of the Michigan Street apartment complex for sale, which had caused concern among residents, Victoria-Beacon Hill MP Grace Lore said at the start of the conference.

The funding provided GVHS with $11.3 million to acquire the two properties. This purchase will ensure the preservation of 68 housing units, ranging from studios to two-bedrooms. An additional $1.2 million renewal grant will ensure the sustainability of the units over time.

Approximately 70 percent of the rents in these two buildings are considered affordable for households with the average renter income in Victoria.

This initiative is consistent with the RPF’s mission to protect affordable housing for middle-income renters who may not qualify for subsidized programs but still struggle to pay rising rents, said Katie Maslechko, CEO of the Rental Protection Fund.

“Protecting affordable rental housing means residents can feel safe in their homes and community. The fund will allow us to maintain affordability where people want to live,” Maslechko said. “Not only will these homes continue to be affordable for renters in Victoria, but this investment will make these buildings more sustainable and continue to provide safe, affordable housing at a fraction of the cost of new builds.”

As part of the acquisition, GVHS will upgrade the inefficient boilers in the two buildings to improve energy efficiency and reduce greenhouse gas emissions.

Founded in 1956, GVHS is a nonprofit organization dedicated to providing safe, secure and affordable housing for over 65 years. The organization currently oversees approximately 1,000 housing units in the Capital Regional District and serves seniors, families, people with disabilities, newcomers and others who face barriers in their search for housing.

As one of the first recipients of these funds, GVHS Executive Director Virginia Holden expressed her honor that her organization was selected to provide affordable rental housing for low- to moderate-income renters.

“We thank our partners, the provincial government, for their cooperation in purchasing these two buildings in Victoria,” Holden said. “We will be able to maintain these units as affordable housing for many years to come, ensuring residents have high-quality, safe, accessible and sustainable housing.”

First National, Canada’s largest multifamily lender, supported the project by arranging insured financing through CMHC’s MLI Select program.

This announcement follows the preservation of 50 affordable rental apartments in Parksville and over 346 apartments in Campbell River, Port Hardy, Duncan and Esquimalt.