Victoria Housing Reserve Fund

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

Next Deadline: March 31, 2022

 

IMPORTANT: The Victoria Housing Reserve Fund guidelines have recently been updated. The Guideline updates include:

  • Strengthened focus on funding for affordable rental homes
  • Slightly decreased funding allocation per home and a new $500,000 maximum eligible funding amount per project to encourage partnerships with affordable housing providers
  • New funding options for homes rented at BC Housing's affordability levels
  • Revised application process, whereby Victoria Housing Reserve Fund grants are given final approval following the completion of development approvals 

 

Please refer to the guidelines for more information, and contact City staff to set-up a pre-application meeting in advance of the deadline:

 

Community Planning

250.361.0382

housing@victoria.ca

  

It is possible that requests for funding may exceed total funding available. Grant approval is at Council's sole discretion and subject to available funding.

Who can apply?

Typically, eligible applicants must be a registered non-profit society or partner with a registered non-profit society that will own and operate the housing. If you are not a registered non-profit society, please contact the City of Victoria to determine eligibility prior to submitting a funding application.  
 

Please review the Program Guidelines to determine eligibility. If you are unsure if your project is eligible or if you have questions about the process, contact the Community Planning Division at housing@victoria.ca. A pre-application meeting is strongly encouraged. 

When can I apply?

There are two annual intake dates (March 31 and September 30) where applications submitted on or before each deadline will be evaluated at the same time. 

Application Documents

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

Funding

For the purposes of this program, the following definitions from the Victoria Housing Strategy’s Phase Two: Housing Affordability Targets will be used: 

Income Thresholds and Affordable Target Rent Range by Unit Size  

Affordability  

Targets 

Income Threshold*

Studio 

 

1 Bed

 

2 Bed

 

3+ Bed

 

Very low Income 

<$19,999 

$375 

$425 

$575 

$700 

Low Income 

$20,000 to $34,999 

$500 

$650 

$850 

$1,000 

Median Income 

$35,000 to $54,999 

$875 

$1,050 

$1,300 

$1,750 

*See Funding Assistance, below  

Funding for eligible projects under this program is allocated on a per unit basis, up to a maximum of $500,000 per project unless otherwise approved by Council, as follows: 

Funding Assistance 

Eligible Affordability Levels  

Eligible Amount Per Housing Unit 

City of Victoria 

Targets 

BC Housing Definitions* 

Studio 

1 Bed

2 Bed 

3+ Bed

Very Low Income  

Deep Subsidy 

$7,500 

$10,000 

$15,000 

$20,000 

Low Income  

Rent Geared to Income  

$5,000 

$7,500 

$10,000 

$15,000 

Median Income  

Housing Income Limits  

$2,500 

$5,000 

$7,500 

$10,000 

*Notwithstanding the Affordability Targets established in the Victoria Housing Strategy Phase Two 2019-2025, housing units subsidized by BC Housing at Deep Subsidy, Rent Geared to Income and Housing Income Limit rates are eligible for grant funding as specified. 

Important Notes 

  • All projects are eligible for funding only once, and the grant is non-renewable. 
  • 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, or to grant funding different from the funding framework above without limitation. 
  • All housing projects will be required to pay Development Cost Charges. 
  • Applicants are advised that the City will publish project eligibility information from applications to demonstrate that the projects have met all the eligibility requirements. The eligibility information that will be published includes the following: 
    • Completed Application Checklist 
    • Letter to Mayor and Council describing the project and how it aligns with the Victoria Housing Reserve Fund Guidelines 
    • Completed Application Form 
    • Building plans and site plans  
  • At Council’s sole discretion, each application may be considered on a project basis, including affordable homeownership projects that achieve median income target thresholds or Housing Income Limits (HILs) rates. Typically, units must be offered at a minimum targeting median income and HILs rates, with greater consideration for maximum grant funding for projects that offer better affordability.