In this week’s committee of the whole meeting, Victoria’s city council will consider a grant application to aid in the purchase of a nearly completed apartment building that would see it operate under a cooperative housing model.
Midtown Affordable Housing Society (MAHS) are requesting $677,500 to help them purchase the new 179-unit apartment building located at 611 Speed Avenue. If approved, the funds would be taken from the Victoria Housing Reserve Fund (VHRF).
The purpose of the VHRF is to provide one-time grants that help the development and retention of affordable housing for low- and moderate-income households.
MAHS conditionally purchased the building in October of last year and hopes to establish a 60-year lease with Tresah West Housing Co-operative, a nonprofit cooperative that will operate the housing.
The organization says that the $677,500 they applied for would help reduce financial pressures and enhance the affordability of the project.
City staff are recommending council approve the application for the capital funds as the project aligns with Victoria’s housing priorities by increasing the supply of below-market, affordable homes.
According to the City, this application represents the first cooperative housing application to the VHRF.
Co-op housing is widely recognized for its model that helps facilitate the fostering of community, with residents all pitching in to organize events, support day-to-day maintenance and encourage active involvement in decision-making.
Residents pay monthly charges that function like paying rent and can purchase refundable membership shares.
The building, which is located near Mayfair Shopping Centre, is expected to be completed soon, with occupancy expected sometime this spring.
Victoria’s city council will discuss the merits of this co-op project during this week’s committee of the whole meeting on Thursday, April 16th.
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