City of Victoria Council Meeting Agenda Packet May 7, 2026
City funds Midtown co-op purchase at 611 Speed
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Description
The City of Victoria is set to provide a $677,500 Victoria Housing Reserve Fund grant to Midtown Affordable Housing Society to help purchase a 179‑unit apartment building at 611 Speed Avenue for non‑profit cooperative housing. The funding is tied to a 60‑year housing agreement securing 176 below‑market units, along with additional external funding and financing commitments.
Contract Details
Contract Amount
$677,500
Vendor
MIDTOWN AFFORDABLE HOUSING SOCIETY
Agency
City of Victoria, Canada
Contract Type
FINANCIAL_SERVICES
Document Date
May 7, 2026
Contract Term
Sixty years (housing agreement term)
Renewal Info
Housing Agreement to secure at least 176 below‑market co‑op units for a term of sixty years; grant payable upon execution of the Housing Fund Grant Agreement and Housing Agreement and fulfilment of external funding conditions.
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