A new housing project in James Bay is a good example of how all levels of government can work to address affordability concerns in our region. The Michigan Square project will create almost 100 homes for people with moderate and low incomes. The majority of units will provide housing that helps much needed workers afford to live in our community.
The new buildings at 330-336 Michigan St. will provide 97 new units and replace three aging buildings rendered uninhabitable by water damage. The project includes 24 units at the provincial shelter rate as well as 22 units with rent geared to income and 51 units aimed at moderate income earners and rented at market rates.
The Capital Region Housing Corporation will own and operate the new buildings, with the Capital Regional District contributing $1.1 million and the City of Victoria providing $620,000. BC Housing is providing $11.7 million in low-cost financing through the HousingHub and $4.6 million through the Building BC: Community Housing Fund. A further $4.5 million is being funded through a partnership between CRHC, the province and the federal government.
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