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, 2023
IMPORTANT: The Victoria Housing Reserve Fund guidelines have recently been updated. The Guideline updates include:
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
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?
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:
- Victoria Housing Reserve Fund Guidelines [PDF - 112 KB]
- Application Form [PDF - 109 KB]
- Application Checklist
- Final Report
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.