CRD seeks debt increase to aid housing crunch

The Capital Regional District board wants to help address our region’s housing supply shortage by taking on more projects. The regional district can’t add more to its plate unless it increases its borrowing authority. Its current cap is fully committed to new homes already under development.
 
“Our region’s housing crisis continues to need our dedicated perseverance to make progress,” CRD Board Chair Colin Plant said in a news release. “We need to be nimble, we need to be determined, and we need to signal a willingness to invest in solutions so we can quickly take advantage of new housing opportunities and provincial or federal government programs that will allow us to secure more units for those in need in this region.”
 
The CRD intends to increase its borrowing authority through the Land Assembly, Housing and Land Banking service to $85 million to support new projects or the opportunity to invest in potential partnerships. 
 
The Regional Housing First Program is an example of the type of partnership that could benefit from an increase to the CRD’s borrowing authority. The program has brought 13 approved capital projects and 1,325 units to the region since 2019.