Cowichan Housing Association Annual Financial Contribution Service

The citizens of the Cowichan Valley region have identified affordable housing as a top priority. Local governments are increasingly playing a leading role in solving the housing crisis. This proposed service would provide annual seed funding to the Cowichan Housing Association that will, in turn, be used to secure funding from the provincial and federal governments to build more affordable housing.


Service Snapshot


The purpose of the proposed Cowichan Housing Association Annual Financial Contribution Service is to create more housing options in the Cowichan region.

Proposed Maximum Annual Budget:

$765,000

Residential Cost Impact:

$3.87/$100,000 assessed value (For a home valued at $500,000, the annual cost would be $19.35)

This financial contribution service would allocate funds as follows:
  • $500,000 (65%) would be committed directly to seed funding for getting bricks and mortar projects underway, and will be known as the Housing Trust Fund (HTF). The target users of these projects would be low to moderate income households including families with children, lone parent families, singles and seniors.
  • $138,000 (18%) would be dedicated to ensuring housing projects succeed through comprehensive project assessments, up-to-date data collected to justify need and demand, developing new partnerships and preventing housing loss for our most vulnerable residents.
  • $127,000 (17%) would be used for overhead costs required to administer the service, including CVRD administration costs.

How it works:


If passed, the Cowichan Housing Association Annual Financial Contribution Service would enable the Cowichan Housing Association (CHA) to match non-profit housing ideas with suitable land, find developers to build the housing, and secure grants from senior levels of government to make the idea a reality. The CHA would be accountable to the CVRD and the community through approved annual work plans, with requirements for annual reporting of results. For each housing initiative, the CHA would issue a call for proposals, with an approval process that includes criteria to ensure regional priorities are met.

Benefits:


  • Increased funding for new housing projects from senior level government grants
  • Coordinated support, effort and oversight to bring new housing projects to fruition
  • Enhanced social and economic well-being for residents, especially children and seniors
  • New opportunities for young people and families to put down roots in the Cowichan Region
  • Revitalized neighbourhoods through pragmatic planning
  • Reduced homelessness through prevention activities targeting most vulnerable residents

Referendum Question:

Are you in favour of the Cowichan Valley Regional District adopting "CVRD Bylaw No. 4201 - Cowichan Housing Association Annual Financial Contribution Service Establishment Bylaw, 2018" to provide regional programs and services related to affordable housing and homelessness prevention?