As expected, the Capital Regional District board of directors approved the Regional Housing Trust Fund grant of $675,000 towards the Cottage Grove Manor 45-unit senior living development at 3211-3223 Quadra St.
The project is led by the Victoria Cool-Aid Society and the B.C. Housing Management Commission.
Cool-Aid has been relying on the $675,000 as part of its budget for the project, which will shelter homeless and at-risk seniors.
The approval came at the same Oct. 14 board meeting that the CRD received the comprehensive Capital Region Housing Data Book and Gap Analysis.
The report is bursting with visual graphics that represent the household income required for shelter and how it relates to housing supply in the region.
“There is a growing demand for available and affordable housing for our elderly population,” said Oak Bay Mayor Nils Jensen, chair of the CRD board. “Cottage Grove is an excellent example of organizations working together to provide residents the opportunity to continue to live independently.”
Cool-Aid has contributed $1 million, Victoria and Saanich are each contributing $112,000, and CMHC another $10,000. Cool-Aid aims to charge $375 per month for the 45 units and cover the operating costs of the building.
Construction of the new facility is expected to begin before the end of the year and be completed within a year of commencement.