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Regional Alternative Approval Process launched to increase borrowing authority for housing

Press Release

Victoria, BC– The Capital Regional District (CRD) has initiated a regional Alternative Approval Process (AAP) to seek elector approval to increase the borrowing authority through the Land Assembly, Housing and Land Banking service to $85 million. This increase is to support future housing partnership opportunities and address the critical need to enhance the supply of affordable, inclusive, and adequate housing across the region.

Debt will not be incurred until specific partnerships and project opportunities are identified and approved through the annual CRD budget process. The debt servicing cost will be recovered over a period not exceeding 30 years through annual requisition for the service.

The service area spans all municipalities and electoral areas within the CRD, encompassing Central Saanich, Colwood, Esquimalt, Highlands, Langford, Metchosin, North Saanich, Oak Bay, Saanich, Sidney, Sooke, Victoria, View Royal, and the Electoral Areas of Juan de Fuca, Salt Spring Island, and Southern Gulf Islands.

The total number of electors in the Capital Regional District is 331,905. The AAP allows the CRD Board to adopt the bylaw if less than 10% (33,191) of electors submit a signed Elector Response Form, indicating the need for a referendum.

The deadline for submitting signed elector response forms is noon on Monday, February 5, 2024.

More information about the AAPs, including copies of the elector response form can be found on the website at https://www.crd.bc.ca/landbanking-aap.

The CRD delivers regional, sub-regional and local services to 13 municipalities and three electoral areas on southern Vancouver Island and the Gulf Islands. Governed by a 24-member Board of Directors, the CRD works collaboratively with First Nations and government partners to enable sustainable growth, foster community well-being, and develop cost-effective infrastructure while continuing to provide core services to residents throughout the region. Visit us online at www.crd.bc.ca.

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For media inquiries, please contact:
Andy Orr, Senior Manager
CRD Corporate Communications
Tel: 250.360.3229
Cell: 250.216.5492

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