The Hudson Place 2 development, located at 1700 Blanshard St., received a $100-million loan from the Canada Mortgage and Housing Corporation. The affordable housing development by Townline Homes will feature 247 multi-residential units. (Photo courtesy of Townline Homes)

The Hudson Place 2 development, located at 1700 Blanshard St., received a $100-million loan from the Canada Mortgage and Housing Corporation. The affordable housing development by Townline Homes will feature 247 multi-residential units. (Photo courtesy of Townline Homes)

Government announces $100-million loan towards Victoria affordable housing project

Townline Homes development will feature 245 multi-residential units

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.

READ ALSO: $1.2-M accessible multi-sport court coming to North Saanich rec centre

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 lower than 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.

READ ALSO: B.C. should help 20 to 39-year-olds ‘just like we did for seniors’ amid COVID surge: Furstenau


 

Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

Victoria

Get local stories you won't find anywhere else right to your inbox.
Sign up here

 

The Hudson Place 2 development, located at 1700 Blanshard St., received a $100-million loan from the Canada Mortgage and Housing Corporation. The affordable housing development by Townline Homes will feature 247 multi-residential units. (Photo courtesy of Townline Homes)

The Hudson Place 2 development, located at 1700 Blanshard St., received a $100-million loan from the Canada Mortgage and Housing Corporation. The affordable housing development by Townline Homes will feature 247 multi-residential units. (Photo courtesy of Townline Homes)

Just Posted

Photo collage of loved ones lost to substance use and overdose. (Photo courtesy Moms Stop The Harm)
B.C. and Victoria’s overdose deaths still rising five years after public health emergency declared

Moms Stop the Harm calls on B.C. to provide safe supply in response to deadly illicit drug use

Former Saanich councillor Dean Murdock hosts a live episode of his podcast on April 14 and tackleto tackle housing issues in the region. (Devon Bidal/News Staff)
Live episode of Saanich podcast focuses on region’s housing issues

Dean Murdock, panel of guests go live on Zoom for Amazing Places podcast April 14

Queen Elizabeth II and Prince Phillip wave goodbye to the crowd at Vancouver International Airport in October 2002. (CP PHOTO/Richard Lam)
SOOKE HISTORY: Remembering dinner with the Queen and Prince Philip

Royal couple visited Victoria for Commonwealth Games banquet in 1994

New programs and services aimed at helping the unhoused find shelter or housing in Victoria, and to take advantage of support services of various kinds, could be funded if a City of Victoria grant application is successful. (Black Press Media file photo)
Victoria seeks $3M to $4M in grant funds to enhance community services for unhoused population

Various supports, services for unhoused population part of broad-based funding application

A Victoria parks staffer turns compost made from organics collected in the parks. Piles of this steaming, nutrient-rich stuff will be handed out between April 12-18. (Zoë Ducklow/News Staff)
Victoria shovels free home-made compost out to gardeners

Ideal for prepping food gardens, the compost, mulch and wood chips will be at city parks for pick up

Burnaby MLA Raj Chouhan presides as Speaker of the B.C. legislature, which opened it spring session April 12 with a speech from the throne. THE CANADIAN PRESS
B.C. NDP promises more health care spending, business support in 2021 budget

John Horgan government to ‘carefully return to balanced budgets’

A youth was arrested following a car crash on Wallace Street on Saturday, April 10. (Karl Yu/News Bulletin)
Onlookers laugh and jeer as B.C. teen beaten, then forced to strip and walk home

Police arrest older teen, call video shared on social media ‘disturbing’

A lady wears a sticker given out after receiving a COVID-19 vaccine at a clinic in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS
B.C.’s COVID-19 case count slows after last week’s peak

3,219 new cases since Friday, 18 additional deaths

North Cowichan councillor Tek Manhas did not violate the municipality’s code of conduct by posting a sexist meme on Facebook, council concludes. (File photo)
B.C. municipality to take no action against councillor who posted sexist meme

Tek Manhas’s meme doesn’t violate North Cowichan council’s code of conduct, municipality concludes

A 41-person air task force, including 12 members from 407 Long Range Patrol Squadron at 19 Wing Comox, seized more than $3 million CND worth of cocaine as part of Op Caribbe. Photo by Canadian Armed Forces Operations/Facebook
Vancouver Island team helps make $368 million three-tonne cocaine seizure

12 members from 19 Wing Comox involved in Op Caribbe

Killer whales surface near Sebastion Beach in Lantzville on Sunday, April 11. (Photos courtesy Ella Smiley)
Chainsaw and friends near the beach thrill orca watchers in Lantzville

Jagged-finned orca named Chainsaw and 17 others spent hours off Sebastion Beach this weekend

Nootka Sound RCMP and DFO Conservation and Protection Officers seized this 30 foot vessel, fishing gear and equipment as well as Chinook salmon, salmon roe, rock fish and ling cod after an investigation on Sept. 11. A judge in Campbell River on February hit the owner and his accomplices with significant fines, a ban on holding fishing licences and loss of equpment, including the boat’s motor and trolling motor. RCMP photo
Washington State trio’s fisheries violations the worst veteran officer has seen in 20 years

Judge bans three men from fishing or holding a fishing licence anywhere in Canada

—Image: contributed
Indoor wine tastings still allowed in B.C., not considered a ‘social gathering’

“Tasting is really just part of the retail experience. The analogy I use is you wouldn’t buy a pair of pants without trying them on.”

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. The Canadian Federation of Independent Business is raising its estimate for the number of businesses that are considering the possibility of closing permanently. THE CANADIAN PRESS/Adrian Wyld
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget

President Dan Kelly said it is crucial to maintain programs to help businesses to the other side of the pandemic

Most Read