This week, Colwood Council allocated up to $488,000 from the Affordable Housing Reserve Fund to support the Greater Victoria Housing Society’s redevelopment of Colwood Lodge at 85 Belmont Road, behind London Drugs.
Colwood has an Affordable Housing Policy that requires all new developments to contribute to an Affordable Housing Reserve Fund. This allows the City to redirect these funds to support to new housing that provides options for people on a range of incomes and at varying stages of life. Decisions about how funds are allocated are supported by the City's Housing Needs Assessment which outlines where there may be gaps in housing supply.
"Creating a range of housing types in our community ensures there are options for everyone, including people on median incomes, single parents, seniors and adults with disabilities,” said Mayor Rob Martin. “These are everyday people for whom current housing costs and low vacancy rates can make homelessness a real possibility.”
Additional housing planned for 85 Belmont Road
The current Colwood Lodge at 85 Belmont Road is a 4-story 50-unit building. Greater Victoria Housing Society (GVHS) has preliminary plans to redevelop the site into a 15-story building with approximately 119 rental units. GVHS has determined the current building is well past its effective life. It has only one elevator servicing all tenants, and is not barrier-free to those in need of universally accessible lobbies, corridors, and units.
Other housing the City has supported recently
The City has provided funding from the Affordable Housing Reserve Fund for three other housing developments. In each case, the amount has been set at $4000 per unit.
Pacifica Housing constructed 82 units of affordable housing to expand their existing Colwood Lakes housing project at 2006 Sooke Road. This project received a grant of $328,000 from the Affordable Housing Reserve Fund in 2018.
The Greater Victoria Housing Society is nearing completion of 104 affordable housing units at 330 Goldstream Avenue. This project received a grant of $220,000 from the Affordable Housing Reserve Fund in 2018.
The Aboriginal Land Trust is currently constructing 124 units at 342 Wale Road. This project received a grant of $496,000 from the Affordable Housing Reserve Fund in 2019.
