City of Victoria Committee of the Whole Agenda Packet May 14 2026
City funds Midtown co‑op housing purchase on Speed Avenue
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Description
The City of Victoria approved a $677,500 Victoria Housing Reserve Fund grant to the Midtown Affordable Housing Society to support the purchase of a 179-unit apartment building at 611 Speed Avenue for below-market cooperative housing. The funding is contingent on long-term housing and grant agreements, proof of ownership, and additional non-refundable financing that secures affordability for at least sixty years.
Contract Details
Contract Amount
$677,500
Vendor
MIDTOWN AFFORDABLE HOUSING SOCIETY
Agency
City of Victoria, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
May 14, 2026
Contract Term
Sixty-year housing agreement term for below-market cooperative housing
Renewal Info
Housing Agreement to secure a minimum of 176 below-market non-profit cooperative units for a 60-year term; grant contingent on execution of Housing Fund Grant Agreement and Housing Agreement, proof of ownership, and securing non-refundable external funding and non-refundable financing from Build Canada Homes.
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