VICTORIA -- Dozens of new affordable rental homes are currently under construction in Victoria.
The rental units will open in a five-storey wood-frame building at 2570 Fifth St.
In total, 64 affordable rental units will open for households with annual incomes between $48,000 and $100,000.
The building will feature studio apartments, one-bedroom, two-bedroom and three-bedroom units.
Monthly rent for a studio unit is set at approximately $1,000 to $1,215 a month while rent for a one-bedroom is set at roughly $1,375 to $1,440 per month.
Meanwhile, two-bedroom units will have a monthly rent of approximately $2,000 to $2,145 per month and three-bedroom units will have rent set at roughly $1,125 to $2,500 per month.
The ground floor of the building will also include a commercial space which is expected to be leased by the Vancouver Island School of Art.
“People need and deserve safe and secure housing, but finding affordable housing has been a challenge for many in our community,” said Rob Fleming, MLA for Victoria-Swan Lake, in a release Monday.
“I’m pleased that this project will provide good, affordable homes for working families that are close to their friends, work, vibrant business districts and community amenities.”
The project is being developed by the B.C. government in partnership with Aryze Developments.
The B.C. government is providing up to $17.2 million to build the property. The building is expected to open in spring 2021.
