Victoria Housing Reserve Fund

The Housing Reserve Fund provides grants for the development and retention of affordable rental and home ownership projects

Next Deadline: September 30, 2020

 

The City of Victoria is considering an update to the eligibility requirements and funding assistance structure of the Victoria Housing Reserve Fund program guidelines ahead of the next funding deadline.

We will be seeking input from housing providers on these changes soon, so please stay tuned for more details in coming months.

 

If you are planning to apply to the fund this year, please note updated forms and guidelines will be available in early September.

 

Please note: Any changes will not affect applications already under consideration.

 

It is possible that requests for funding may exceed total funding available. All new applications received on or before September 30, 2020 will be assessed concurrently based on the criteria and priorities outlined in the program guidelines (see below). Grant approval is at Council's sole discretion and subject to available funding.

Recent Updates

A number of updates have recently been made to the fund guidelines including:

  • updated Housing Affordability Targets (see below)
  • prioritizing housing projects for very low, low, and median incomes
  • a funding cap that grant contributions must not exceed non-refundable contributions from other levels of government on the same project
  • funding projects within the City of Victoria proper
  • prioritizing projects that provide housing for persons with disabilities, individuals and families who are either experiencing homelessness or are at risk
  • prioritizing projects that have affordability in perpetuity

Two intake dates (March 31 and September 30) will allow applications to be evaluated concurrently. The fund will require projects to adhere to the City’s Tenant Assistance Policy.

Council increased funding from $250,000 to $1 million for 2019.

Who can apply?

Registered non-profit societies or partners with a registered non-profit society that will own and operate the housing. Exceptions may apply for affordable home ownership projects, where it can be demonstrated that funding will directly offset the price of unit purchase; however, several restrictions apply. If you are not a registered non-profit society, please contact the City of Victoria to determine eligibility prior to submitting a funding application.

Application Documents

For complete program rules and eligibility requirements, please review the Victoria Housing Reserve Fund Guidelines:

Funding

Maximum funding for eligible projects under this program is allocated on a per unit basis as follows:

 

1 Bedroom Unit

2 Bedroom Unit

3+ Bedroom Unit

Very Low Income Rental

$10,000

$20,000

$30,000

Low Income Rental

$10,000

$20,000

$30,000

Median Income Rental

$5,000

$10,000

$15,000

Affordable Home Ownership

$5,000

$10,000

$15,000

*conditions apply – see guidelines for more details

Should construction of a project for which a grant is approved not commence within two years of the Development Permit approval, or should a Development Permit in respect of an approved project not be issued within two years of Council's approval of the grant, the approved grant shall be rescinded.

The City reserves the right to accept or reject any application for funding without limitation

Affordable Housing Definition

The City of Victoria defines affordable housing as costing no more than 30% of gross household income.

Housing Affordability Targets (2019-2024)

Targets Income Threshold Bachelor 1 BR 2 BR 3 BR
Very Low Income <$19,000 $375 $475 $575 $700
Low Income $20,000-$34,999 $500 $650 $875 $1,000
Median Income $35,000-$54,999 $875 $1,050 $1,300 $1,750

Application Procedure

  1. The proponent calls or meets with the designated staff representative to determine project eligibility
  2. Once it is determined that the project can be considered within the program, the proponent is directed to proceed with a full application
  3. The Administrator evaluates and scores the application using  the Victoria Housing Reserve Fund Guidelines
  4. The administrator calls or requests a meeting with the proponent to discuss the application, including any outstanding questions, change requests, potential funding eligibility after application review, and to select a target Committee of the Whole date for Council approval if application deemed supportable
  5. The Administrator submits the evaluation of the application and a recommendation report to Council for consideration, upon which Council will either approve or reject the recommendation, or request that the Administrator provide further information.

Approval of funding under this program does not limit Council's decision making with regard to Rezoning, Development Variance or Development Permit or any other approvals.

Development Cost Charges

All housing projects will be required to pay all applicable City fees and Development Cost Charges.