Addressing Affordable Housing

Frequently Asked Questions

• Why should the CVRD take a direct role in the provision of affordable housing?

  Everyone in the Comox Valley should have an adequate, accessible, and affordable place to call home. In the midst of a critical shortage of affordable housing nationwide, addressing this challenge requires action and partnership amongst all levels of government and sectors of society. Both the provincial and federal governments are directing much of their resources and investments in affordable housing through partnerships and collaborations in communities. By partnering with these agencies and existing local housing organizations to build and retain affordable housing, the CVRD can help address critical gaps in our housing system that are impacting our region’s social and economic wellbeing.

• How does the CVRD currently support affordable housing?

  The CVRD undertakes a variety of actions using an array of tools to address homelessness and housing affordability that involve non-profit operators, private developers, regional municipalities and senior levels of government (e.g. provincial and federal). Such activities include policies, plans and regulations to support the creation of housing, advocacy for support from other levels of government and the provision of financial supports, including capital contributions and grants to local non-profit housing organizations.

• Why is the CVRD creating a housing authority?

  Building upon previous studies and plans, including the Regional Growth Strategy, Regional Housing Needs Assessment, Poverty Reduction Strategy and Direct-Action Approaches Report, the CVRD Board has identified a strategic interest in the creation of a housing authority that can directly create affordable, non-market rental housing for low- and moderate-income households. This proposal represents an important new action that can address critical gaps in the Comox Valley’s housing supply in partnership with BC Housing, Canadian Mortgage and Housing Corporation, and local non-profit organizations.

  The CVRD considered several different types of structures and approaches to undertake these actions and a local non-profit government entity was identified as the preferred model.

• How would the housing authority be funded?

  Drawing on the experiences of existing local government housing organizations, including the Tofino Housing Corporation, Capital Regional Housing Corporation, and the Squamish Community Housing Society, the CVRD’s Housing Corporation will require financial support and commitment. While the Authority may eventually be able to generate some revenues, all non-market housing ultimately requires some form of subsidy and therefore it is anticipated that continued investment, either from grants, tax requisition or other sources will be required for the creation of new housing units and to improve levels of affordability.

  Through the Direct-Action Approaches Report and subsequent direction by the CVRD Board, the following financial contributions are contemplated:

  • $250,000 per year for operational expenditures (e.g. office, professional services, staffing). 
  • $630,000 per year in strategic reserve contributions that will be used to fulfill the mandate
• What would a change in government at the federal or provincial level mean for the CVRD's approach to affordable, non-market housing and creation of the housing authority?

  Non-market rental housing generally requires a one-time or ongoing subsidy to build and/or operate, to allow rents to stay below market prices. The federal and provincial government are both strong partners in the provision of capital and operating subsidies for affordable housing through the Canada Mortgage and Housing Corporation and BC Housing. While policy changes at either level of government could impact the availability of such subsidies, a housing entity can also obtain financial contributions from charitable donors, grants, and through contributions made through the development process or through revenues it may generate through its own housing developments. A housing authority can be nimble and responsive to changing forces and work collaboratively with other local housing organizations to adapt to program and policy changes.