The MB次元官网网址檃kola Housing Society is taking another crack at developing affordable rental apartments in Langford, despite consistent setbacks at making similar projects work.
The non-profit society, which has developed dozens of low-income housing units across the region and Vancouver Island, is looking to build two apartment blocks at 554 Goldstream Ave., replacing 17 townhouse units the society built in 1987.
MB次元官网网址檃kolaB次元官网网址檚 plan envisions a four- to six-storey building with about 40 apartments, replacing a block of five townhouses and a septic field near the front of the property. A second similar building would be contemplated if the first gets off the ground.
Last week LangfordB次元官网网址檚 planning and zoning committee gave its thumbs-up to rezoning the 2.6-acre parcel for higher density residential-commercial. If approved by council, the society would get a break on development fees, but MB次元官网网址檃kola would have to preserve existing greenspace on the property.
MB次元官网网址檃kola executive director Kevin Albers said the rezoning is a preemptive strike in the hope that BC Housing develops an affordable housing fund earmarked for these types of projects. Financing for the Goldstream Avenue project isnB次元官网网址檛 yet in place.
B次元官网网址淲e are trying to get the property ready to capitalize on a provincial housing program when launched,B次元官网网址� Albers said. B次元官网网址淎 key strategy is to have the property ready to go.B次元官网网址�
The goal is to have at least 50 per cent of the rental units offered to families at 10 per cent below market rates. Most of the units would be two or three bedroom.
MB次元官网网址檃kola launched a similar project in 2008 at the same Goldstream property, at the time envisioning a 46-unit complex with units at 20 per cent below market rates. The grants and financing needed did not come through, Albers said.
B次元官网网址淚n 2008 it was a case not getting all the pieces together,B次元官网网址� he said. B次元官网网址淭hen the economic crunch came and everyone pulled back (funding). It take a lot of support to make a project work.
B次元官网网址淚tB次元官网网址檚 a fine balancing act between funding affordable rentals, and the construction costs.B次元官网网址�
In February 2010, MB次元官网网址檃kola announced a $14 million partnership project to build subsidized apartments in a five-storey building on Spencer Road next to the Trans-Canada Highway. Again, the financing fell through. In that case BC Housing and the federal government were ready to chip in $1.7 million for units dedicated to low-income seniors.
Arranging financing and finding ways to fund the gap between debt payment and below-market rental income is proving to be a difficult. An apartment block proposal on Sooke Road in Colwood also died early in the planning stages.
B次元官网网址淚tB次元官网网址檚 absolutely brutal to make work. If it were easy then everybody would do it,B次元官网网址� Albers said. B次元官网网址淚tB次元官网网址檚 a fine line, and if it all doesnB次元官网网址檛 work exactly right, it wonB次元官网网址檛 work.B次元官网网址�
Albers said there are plenty of people in need for below market rentals, especially in a region with continually low rental vacancies.
The Canadian Mortgage and Housing Corporation predicts the rental unit vacancy rate to remain at 1.5 per cent in 2011 and decline to one per cent next year. It expects demand to increase due to people moving to Greater Victoria.
Albers said he is B次元官网网址渃autiously optimistic and reasonably confidentB次元官网网址� the latest project will move beyond the planning stage.
B次元官网网址淚B次元官网网址檓 a patient man. The community needs it, a lot of families need affordable housing.B次元官网网址�
editor@goldstreamgazette.com
